Moonfall is an interesting move.
You throw the axe at the ground at a chosen distance, but does not have a hitbox. Simply pressing u+2 together (the command list is wrong) calls it back to you and hits the opponent on the way back.
This causes a pop up that can be used for small meterless juggles, and can get Nightwolf respectable damage this way at mid screen. The setup is risky because you lose f1 and b1 while the axe is on the ground (which is lame since he can duplicate the damn things).
I feel like with proper setup this could be a really dirty reset tool as well. Much more testing to be done with it.
Simple midscreen combo with Moonfall (axe is already deployed):
starter~u2, 22~bf4 (or 22 1+3)
starter~u2, 31~bf4
starter~u2, 111~bf1
starter~u2, 111~df2 (sets up axe again with advantage)
etc
So overall I think there's a lot of potential in this thing. Ending a juggle like 111~df2 sets up the axe and leaves you in a strong position for oki. This move conflicts with the uppercut axe, so they clearly mean for this to be a weird meterless extension in place of it.
I know we're all hard for ranked variations but I encourage others to experiment with this ability.