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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.
Low power, even lower competitive worth. As far as special Flying-type attacks go, Air Slash is pretty much better in every single way (competitively speaking). For the Flying-types that actually get it and could actually do some damage with it, Togekiss and Shaymin-S have Air Slash, Lugia has Aeroblast, Dragonite has Hurricane, and Salamence really has better things to be doing with its time.
Razor Leaf is a physical Grass-type equivalent.
Air Slash is a more powerful move with a chance to flinch the opponent.
Hurricane is a much more powerful move with a chance to confuse the opponent, but it has lower accuracy outside of rain.