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Deals damage. It has a 1/3 chance for the move to hit either 2 or 3 times, and a 1/6 chance to hit either 4 or 5 times. If a Focus Sash or the ability Sturdy is activated through one of the hits, another hit will KO the target. Each hit is treated as a separate attack, and thus abilities such as Weak Armor will activate for every hit taken, and every hit has a separate flinch rate if used with King's Rock, Razor Fang, or Stench, and a separate critical hit chance. Color Change will only activate on the last hit of the move. However, the items Life Orb and Metronome treat all the hits as a single attack. If this move breaks a Substitute, the attack can still continue and hurt the target. If the target holds a Chilan or Jaboca Berry, it will only affect the first hit of this move. If the user has the ability Skill Link, this move will always hit five times.
Spike Cannon has no competitive use. It has terrible distribution; in fact, not a single Pokemon even gets STAB on it, and it is one of the weaker multi-hit moves. Even if it hits five times, it is still slightly weaker than Return. The only user of this move that could be doing some damage with it is Cloyster, and it has much better things to be doing with its time.
Return is stronger, but hits only once.
Double-Edge is much stronger, but hits only once and has recoil damage.