The Recoil Flip is a way to extend distance spent in the air. It is caused by increased speed when an object hits Link's shield. Any source of damage works, although bombs and chus can be used as an easy makeshift utility. Note that this can be done as Link or Zora Link.
You will get more distance the later you backflip.
It is recommended to pull out the chu and the shield at the same time, as the delay to pull out the shield makes the timing perfect. The earlier this is done, the more distance is gotten.
In terms of distance granted, a perfect bomb recoil flip and the megaflip give the most distance, and the long jump is slightly inferior, although the general distance is about the same. The advantages to using a recoil flip is that is very fast and easy to do. Long jumps typically only have the advantage when jumping over a gap to a grabbable ledge, as it allows you to cross gaps the others cannot. Megaflips should only be used for means of hovering, as the recoil flip obsoletes it for non-hovering purposes.