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Deals damage and has a critical hit rate one stage higher than normal. Assuming there are no other critical hit modifiers in play, this move has a 1/8 chance to get a critical hit instead of a 1/16 chance.
Night Slash is a good move with perfect accuracy, decent Base Power, and good distribution. It's just unfortunately outclassed by Crunch, which has a higher Base Power and comes with the added chance to lower the foe's Defense, which is great for a physical move. Nevertheless, Night Slash is still a great STAB option for those Pokemon incapable of learning Crunch or non-Dark-types that need a reliable Dark-type move for coverage. When paired with a Fighting-type move such as Close Combat or Superpower the user will have near perfect neutral coverage, the combo being only resisted by Heracross and Toxicroak. The most common users of Night Slash are Absol, Bisharp, and Weavile, which use Night Slash as their main STAB move.
Crunch is a slightly more powerful option with chance to lower the foe's Defense.