This attack knocks the opponent far away from Krillin. Additionally, it's also an overhead, and if the opponent is foolish enough to crouch when this comes out, they will fall right in front of Krillin, immediately forcing them to go on the defensive when they get up.
This attack acts as another launcher for Krillin, and yes, you can cancel out of it into a super jump and go into an aerial combo. To prevent shenanigans with people with really good reflexes, hitting an opponent in the air with this attack will not have launcher properties.