adumbrodeus
Smash Legend
So, it allows her to punish... more?Zelda could still get a grab out of attacks that have 12 or more frames of lag, even if the attack has high shield knock-back. Ganon on the other hand only gets grabs from attacks with less shield knock-back, and 7 frames of lag, and almost every attack in the game has shield knock-back, as small as it might be. Ganon's pivot grab is horrible, it could miss even if you're right next to your opponent, the range is just downright crappy.
She's got better options out of a shielded attack (including faster ones), her problem is getting people to attack her in the first place.
The one situation where the grab would be redeeming is on approach, because it would allow her to force people out of hiding from her shield.
As it stands, it's totally useless.
Again, at the very least Ganon can force people out of hiding in shield, it's a threat (one of the many situations where a threat is greater then it's execution).
Zelda however, has no valid threats against a shielding opponent. That's why Ganon's grab game is better.