The long jump is essentially a revamped version of the megajump from Ocarina of Time, except that it is much easier and does not require the Hover Boots or any special items. It is a forward jump that grants similar distance to the recoil flip and megaflip, except that Link can grab ledges out of it, a big advantage that those two techniques lack. It can be combined with the Zora Mask to reach even higher ledges.
It terms of distance granted, it is similar, but slightly inferior to, the recoil flip and the megaflip. However, it is one of the easiest techniques in the game, since it requires no special timing or controller inputs, making it the option of choice for crossing small gaps. Since Link can grab ledges out of a long jump, it is essential for some tricks like Fairy Fountain Wrong Warp, giving it another advantage over megaflips and recoil flips.