I know what you meen. I've got the move down, but I haven't found out any combos for it. The only helpfull thing I've found out, is that it could save you from Kirby's midair hammer, or any characters Fair or Bair (IF you time the move right). I also found out that you can ELIMINATE a Pika's neutral B move (IF you time it right)!! As I said I'm still working on it. I'll let you know if I find out something amazing (the Genesis tournaments gonna be AWSOME!!)
Just learned how to do the Angelic Step!! Really simple, just sidestep (Sheild down), hold back (guess that means hold back on the control stick), And in the frame that you see Pit facing in the oposite direction that he started in, press Foward. It creates this effect kind of like a Wavedash (minus the push back effect with Wing Dashing).
Also learned how to do Wing Renewal!!! After you used all of your jumps, just use WoI, touch the ground (but don't land!) and you'll have all your jumps back!! Great for chasing people of ledges!!