Versatile move that is only really useful in the hands of skilled, experienced players. The Flip can act as a quick suprise move and also as an anti-air of sorts.
The Weak version is very fast (and has really fast recovery) but has little range, while the Strong version takes a while to come out but has more range. You're able to go either forward or backward.
Most importantly, Vegeta has quite a few follow-up options;
-Forward Dash - hold Forward - he dashes forward upon landing.
-Backward Dash - hold Back - he performs his backdash upon landing.
-Super Jump - hold Up - he performs a Super Jump upon landing.
-Dashing Elbow - hold any P - He performs a straight dashing elbow, hits high.
-Extended Backdash Elbow - hold Back, then SP - He does the backdash flip and then the dashing elbow.
-Wolverine Sweep - hold any K - identical to his crouching Strong Kick, although he now has three versions available, Weak having a short range and Strong a long range.
-Close Explosion - hold LP + LK - Vegeta dashes forward and attemps to grab the enemy. As it's a grab, it's unblockable. Useful either if the opponent was hit or blocked the initial Wolverine Sweep.