The Blade Spin is like combining Gief's movable Lariat with Kung Lao's spin on some level. It's pretty ridiculous that he can move around while doing it and it stops pretty quickly. The MKII damage, plus the fact that he has an easy 60% combo off one Blade Spin, be it an anti air, ground counter, punisher, what have you. Plus he's got his MKII normals, so a bastardly JP and JK, fast sweep, wicked Roundhouse, the no block release needed Blade Swipe, which also works from down+back+block and cancels jabs.
He's inarguably top 10, I would say most people familiar with MKT would say he's very well top 5. His ground combos are weak, it's sort of like Kitana where she only has the low damage 4 hitters, but Baraka can add some damage with his sweep after the HK, HK, B+HP, F+HP combo, which is most useful for zoning and I believe he can do it to anyone except Shang. It's a good range landing so if they jump back it's a Blade Spark, if they jump forward it's a Blade Spin, or Blade Fury if you're old school!
Of course he has the corner infinite which is easy as pie to attempt after a Blade Spin but not as easy to complete. I would go as far as to ban using two Blade Spins in the corner in tournaments because it's a game breaking glitch an easy to reproduce, but I wouldn't ban Baraka over it because it's corner only and it's 100% possible to prevent from doing by accident. I think it only happens if second Blade Spin connects when the opponent is as high as they can be in the air. The higher they are, the easier it is to get at least 100% out of his inf before the chance to lose them.
In the corner: Blade Spin, Blade Spin, aaHP, Blade Swipe, aaHP, Blade Swipe, Blade Fury = 100%.
Free Blade Fury after corner combos = perfect push back for Blade Spin aa counters. It's a nightmare of zoning fear vs Baraka and his mega easy damage.
Mid Screen: grounded Blade Spin, Blade Spin, JK = 54%, or RH = 59% 3 hits vs Human Smoke's 10 hits to achieve the same damage, so an aaBlade Spin = huge damage even mid screen with aaBS, BS, aaHP, RH for 66%, or simple BS BS uppercut for 62%. Basically anywhere on screen a blocked teleport punch vs Baraka = virtually game over with a fairly easy 67% punisher and with a little effort 72% for aaBS, BS, Run in aaHPHP, RH