Meh. Just tried it. It gives you the little boost that you normally get from using the sword followed by the effect from the second jump press. If you have Focused Burst selected you get that little boost of speed, you Blink forward if you have that selected. It does speed you up a little...by the amount that the sword swing gives you... but not really worth using your heavy ammo.
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I'd say it's more horizontal and faster than focused burst alone, sometimes it can be worth the ammo if you need to escape or move quickly.