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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.
Aeroblast is Lugia's signature move, and despite the fact that signature moves for legendary Pokemon are rarely worth talking about, it looks pretty good on paper. Decent power, acceptable accuracy, and a high critical hit rate are what it has going for it, and this is pretty much the most reliable special Flying-type move available outside of rain. Its biggest drawback is its low PP, which when coupled with the large number of Pokemon with Pressure in Lugia's Ubers environment is a big drawback indeed. However, the biggest issue preventing the use of Aeroblast competitively is Lugia itself. Lugia has a fairly low Special Attack stat by Ubers standards, so to hit hard it needs attacks that will hit its common targets super effectively, rather than a more general STAB attack such as Aeroblast. More importantly, Lugia has so many options that Aeroblast is a relative outsider. It needs its supporting moves and reliable recovery to function effectively as a wall, which generally leaves only one moveslot for an attacking option. Aeroblast is only worth using on more offensive Lugia sets.
Air Slash is a less powerful option with a chance to flinch the opponent.
Hurricane is a more powerful option with a chance to confuse the opponent, but has much lower accuracy outside of rain.