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A blue energy blade like piece also appears on the front of both of your knees whenever you're shoulder charge is primed and you're in the air. It can take a bit of maneuvering/assistance to see the effect. Makes the legs way cooler to me. They also help a lot on weeklies as they'll mow down majors/ultras.
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Also I heard it can one hit a titan with armor of light :D
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Yep the ones on the back. Not sure about the front ones