A very cool looking sword, this sword is the best alternative over the MCF and RGF for BLUs and RDMs comfortable with their accuracy. With lower delay than the falchion and higher DMG than the fleuret, not to mention the insane +14 ATK, this sword makes an excellent bridge between the two and is available to both mages. For sword CORs, this is the only option. Could make an excellent offhand weapon for WAR simply with the +attack.
Under normal circumstances, Redpheonix would make perfect sense, as the attack does nothing for BLU spells, only their melee capabilities. However, as my BLU is set up with PCC, Lava/Kusha's Rings, SH and Potent belt, I have 40 accuracy in those pieces. I have been known to off hand the lower delay Wize Wizard's Anelace to achieve 43 Accuracy and +20 attack with my weapons. It works fairly well.
I don't think this should ever be an alternative to the Musketeer Commander's Falchion for Blue Mages assuming you dual wield it is only 20 more delay and you gain a nice accuracy boost for your Blue Magic. Colibri are naturally evasive so I like all the accuracy I can get.
The + attack does nothing for Blue magic and even on normal swings assuming you dual wield +16 attack more than the MCF x2 does not make up for the +2 base damage for spells and WS.