I had it do just a swing in the first place. The problem with that was that a) you would not really hit your enemy and b) it was boring (aka, you would not want to use it). After testing I changed it to how it is now, but never finished it because I never got any real playtesting or feedback about the current version (even at the CM we did only like two playtests? :< )
The only(!) feedback I got until yours here was that Newton said that the current version is better than the first.

Currently I am unhappy because you can use the sword as a double-jump to get onto enemy towers (f.e.) and that it still does not feel quite right but I had no real idea to improve it without making it an uber get-away weapon (at the moment it applies a slow after the initial speedburst) or a super map-control weapon (would be mightier than the jar of winds to get to high positions f.e.)

PS: Regarding that Broadsword you mentioned. I think we should not have more than one weapon with the same mechanics. Enchanting weapons and adding special attack modifiers to weapons is another thing, though. (Magic Super Blast Hammer!!)