It's Goku's 'spin' on the Hurricane Kick.
He jumps up and forward at an arc, the distance depending on which button was pressed to activate it with.
The LK version knocks the opponent away but puts you back on the ground relatively fast, so you can chase them down.
The MK and moreso the SK versions carry the opponent up with you as you're dealing hits.
The EX version becomes the Super Hurricane Kick, Goku leaps even higher and deals a lot of hits.
All versions have two possible follow-ups (except the EX version which can only do the first of these two);
-f+K upon landing = Blur Kick. Goku busts out his standing strong kick, knocking the opponent away.
-b+K prior to landing = Boomerang Kick. Goku performs his jumping strong kick, which
smashes the opponent down and causes a bounce-juggle when hitting an aerial opponent. Also, discovered by fans,
performing the Boomerang Kick at the very last moment (just before landing) allows you to land without any recovery and instantly
perform another Hurricane Kick, which can leads to some real wicked combos and birthed Tatsu Loops.
The aerial version doesn't arc upward but forward. The stronger the button input, the more forward range Goku will gain.
Excellent way to finish off an aircombo with, especially with the Boomerang Kick option.
As with all these type of moves, the bounce-juggle feature will only be triggered once during the same combo to prevent infinites.