The Blade is the official vehicle of the Axem Rangers X. They used it ever since they were Axem Rangers and they continued to use it after receiving their "X" bodies. Like the Axem Rangers, Blade went through some changes and upgrades as well. It was destroyed along with the Axem Rangers by Mecha Sonic.
It has been revealed that Smithy and the Axem Rangers X will return in the second saga, so it is possible (although unconfirmed) that Blade may return too.
During Super Mario RPG: Legend of the Seven Stars, Smithy tried conquering the Mushroom Kingdom and so sent his soldiers out to search for the seven star pieces. Blade was supposed to pick up Yaridovich, but for whatever reason did not arrive before Mario did. Blade's next assignment was to pick up the Axem Rangers after they recovered the star piece within Barrel Volcano, but again Blade fell behind schedule. When Blade did arrive, the Axem Rangers retreated aboard their ship but were closely followed by Mario's team. The heroes battled the Axem Rangers aboard Blade, and just when the good guys were about to win Axem Red activated Blade's secret weapon: the Breaker Beam. Although the Breaker Beam was powerful, Mario and co. still won and took the star piece, sending Blade and the Axem Rangers crashing into the sea.
The Battle of Yoshi's IslandEdit
Blade again served as the means of transport for the Axem Rangers X, though it did not actively participate in the battle unit Axem Red returned to activate the Breaker Beam. Enhanced with the power of the purple Chaos Emerald, Axem Red managed to fire off the Breaker Beam twice. The first shot decemated the mountains of the island much to the surprise of the Axem Rangers X. Before Red could fire a second shot to take out Mario, Mecha Sonic arrived and not only deflected the shot with a barrier, he tore through Blade, destroying it.
Blade's primary function is as transportation for Smithy's forces, usually the Axem Rangers. Originally Blade wasn't very large, although he seems to have gotten bigger for SMBZ so he may be able to carry a decent sized fighting force now. Blade is an airship so can hover in the air, although it's unclear how fast Blade can travel. It was chronically late in LotSS so, unless Smithy has installed new engines, Blade likely isn't very fast.
The Breaker BeamEdit
Blade's signature ability, as well as his only known weapon, is the Breaker Beam. The beam is fired from a Megazord-esque head located near the back of Blade's body. The beam takes some time to charge up and is the most powerful attack in the Axem Rangers' arsenal (except perhaps Axem Red's new secret weapon). Although the Breaker Beam is powerful, a single blast can normally be survived. The exception is when the beam is supercharged by a Chaos Emerald, at which point the beam is able to destroy an entire mountain (even the Axem Rangers were shocked to see how powerful the Breaker Beam had become). Axem Red always operates the Breaker Beam, therefore it's unknown if Blade is able to use the beam on his own, or if any of the other Rangers know how to fire it. This is a spoof to Dragonball Z Vegeta's Galick Gun
In Legend of the Seven Stars, Blade is sometimes refered to as a "he." Also, there are eyes on the large axe at the front of Blade, giving him a "face" of sorts. Considering that Smithy's soldiers are sentient weapon-themed robots, it's possible that Blade is sentient as well. However, this cannot be confirmed, as Blade himself never spoke and has not shown any signs of intelligence.