A fellow at our dojo who has training in katana made the comment that Sensei Buckhorn's form looks like an "exhibition form", designed to look flashy but, as you say, neither efficient nor subtle as the katana should be. I think Sensei Buckhorn himself would acknowledge this, and I know that he has been working on the form over the years to "rein it in", becoming more aware of where the sword is at any given point and where an opponent might be. As an aside, the Seattle 2009 tournament (where the video was taken) was quite small by USSD standards - IIRC there were only 5 people competing in that division. It is also true that relatively few students in USSD compete in weapons. The origins of the weapons form vary - bo and broadsword forms tend to come from the monks at the Shaolin Temple; I don't know where the katana form came from.