Standing teleport hitting a standing opponent makes them go into stagger and you can get a free JIP.
2,1 teleport does not work i don't think because the opponent could block before the teleport hits.
if this does work, then all you can do is get a free jump in punch.
Scorpion does this, but after the teleport when he does a JIP he has to guess right to continue.
Ermac can not combo off a low, or an overhead so this is not as valuable to us as a scorpion player.
We get high/low mixups and grabs, but this is not worth it.
After a 2,1 no matter what, the best option will be lift.
AS for a follow up a Neutral jump punch, the best way to punish is as follows:
NJP, B1 1 F2, Teleport Dash 2,2~lift Dash 2,2 TKP.
Remember, that after the initial B2 1 F2 string you have to time the teleport to hit it. You can not link it.
Watch ermacs hands, i use this to time the teleport.
I know Kindred has a nice 40%+ combo you can do instead of this. Maybe he can post it, i don't remember it fully.
But this is good to learn. It's basic, very easy to do and nice damage.
As for FREE Jips ( just to touch on the subject again), never use teleport for this. I know i explained it above, but like kindred mentioned you get ONE teleport per combo and its best to get in as many hits as you can before it. I started to HATE, very much HATE ex TKP. Yes you get a free JIP afterwards but i do not find it worth the meter anymore. Ermac builds meter so slowly, especially in high level play and the priority for meter should be breaker. Keeping yourself alive is way more important then the follow up after EX tkp i find.
Against high level players whats the best you can get off a JIP after EX tkp anyways? A throw. 12%. Not worth the meter usage.
Here is why. We need to think at highest level play possible. Ermac has no low combo starters or overhead combo starters. So his options will be either a throw attempt, overhead, lowF4, or block string.
Overhead can be fuzzy blocked if you can see it, so expect good players to block low in fear of the f4.
This now eliminates two of your options.
A block string could be used, like b114, which gives a set up. Can still be blocked for minimal chip damage. And if your opponent is a smart player like we believe them to be, they do not take the b114 bait so easily.
Throw attempt is guarenteed. but now we have really come to our end in options.
What i have been doing and i think is much wiser (as you can save meter) is to end combos with F4 instead of ex tkp if you really want to keep pressure going and avoid a wake up game.