its more of a gimmick more than anything to be honest, but it can sort of help if you're having trouble with full screen thanatos raping you - she can cancel 5c early to mess with your timing (1 hit 5c>2c or grab, etc) easily, and timing is sort of tight to be honest (though ex makes it easier - you get the EX meter back anyway if you see the 2c and use ex instead)
haven't really tested this much, but you can parry the fire pillars and the rest will whiff. at closeish range, a whiffed maziodyne (lazer) can be weaved