I've hated this item since its origin in Melee. If you're ever wondered, it's from Panel De Pon (Tetris Attack in the United States) with a character named Lip. It's her stick. Thus the name. Since Americans never played it, it would seem like this would be an original item to the series, but it's not.
You wield it like a sword, but it's pretty weak. You can grow a flower on a foe's head.
And cause minor (and I mean petty) damage from far away. I consider it mostly useless, so I either ignore the thing, or toss it into the abyss.