not being able to do anything while flying defeats the purpose of flight. poor maneuverability requires forward momentum, unless you spend yet another feat on hover. making the feat weaker for the purpose of realism is a bad way to go, especially in a world where dragons fly, and can still make wing attacks in flight.
This is not magical flight or even natural flight and should require forward momentum. Verisimilitude allows for dragons to make wing attacks while flying. Dragons aren't flapping their wings the whole time while flying (like when a bird gets lift). On the other hand, you are not aerodynamic. You can't stop moving the ax or you'll start fall.

Am I being too hard on this? Maybe. I just see this feat as rather cartoon-like. I also don't want this to be a substitute for magical flight or flight achieved through other means. Of course, you could gain better maneuverability with weapon enhancements to your ax without needing a feat.