If this works similarly to Fox's or Wolf's using their side Bs, then you can do any move afterwards. This seems to have less lag after the initial move then Fox's though. I've now seen this work with Wolf, Lucario, Fox, Falco, Marth, and Zelda; space animals using their side Bs, and up Bs for the others.
To who mentioned the "rejection": I've had that happen with Falco's side B. He bumps the edge and falls straight down in normal state. I think I've got some footage of this if anyone's interested in seeing it.
This could actually have some mixup usage for edgeguarding if one was to perfect the timing. From ledge, drop, and mixup between ledge canceling with Dolphin Slash, DS to sweetspot, and going directly after the opponent.