It's now a melee weapon that doesn't threaten and provokes an AoO.
So the Ranged feats (Point Blank Shot, Rapid Shot, etc) no longer work (although Precise Shot is no longer necessary), but Melee feats like Cleave, Power Attack, Whirlwind Attack, Spring Attack, and Improved Trip work much better.
Also, since it's a melee weapon, you add your Str bonus to damage (or 1.5x if you wield it in two hands), with no need for expensive "Mighty" whips.
It's now one-handed, not light, so you don't take a penalty on Disarm checks.
-Hyp.