This is a great weapon. I used this until 68 when I got Harpe. It has great speed and dmg for this level. Plus the flee effect is awesome for chain pulling
This weapon is a direct reference to the Chicken Knife, an initially weak knife that strengthened upon running from battles. The opposite weapon was the Brave Blade, a strong sword that weakened the more you ran from fights. This weapon also exists in FFXI.
The Latent Effect refers to the 25% chance of fleeing (in FFV) whenever you attacked with the knife.
If pulling colibri, this is a great tool at this level. I used is with a corsair knife and then cement kukri +1 later on effectively. This knife is great for getting higher chains in party easily. The only con that I can think if is to be cautious in setting up for ws in party because of the Flee effect causing a very sudden increase in movement speed.