Vlad has demonstrated that he had excellent skill of handing the sword in offensive and defensive way of fighting. As an example, Dracula has deflected Anderson's full charge attack with ease. Another example is that Dracula used this sword throughout his human life during the 15th century, during the time when raging war with the Ottoman Turks thus making this sword his primary weapon over the centuries before the dual handguns during the present time .
In the manga, there's a chapter where Alucard remembered his past life as a prince of the Wallachia region of what is now modern day Romania and shows the developing hatred for the Ottoman Turks, later declaring full out war. In the end, the armies of Vlad had died out, along with the Ottoman forces as well. It is shown in some of the pictures that Alucard used the sword with great success in battle, if his ultimate demise is excluded.
The Sword itself reflects the personality of Vlad, it has a magnificent shiny bronze guard, connected to a long, hard, double-edged blade made of strong steel. As with tradition, like all other Medieval styled Knight Swords, it bears the form of a crucifix, or cross, reflecting Christianity, and to be more specific, Roman Catholicism, a religion Vlad followed all throughout his life. It symbolizes the contrast Alucard and Dracula have as separate personalities. Alucard is much like his handguns, wild, rapid, cruel, untamed, and demonic in nature. Contrasted to Vlad, who like his sword, is honorable, composed, valiant, and loyal to God.
After being defeated by Alucard, Anderson falls into fading pieces. During his last moments, Vlad's sword appears in front of him, rooted deep into the stone ground, forming a cross over his body with it's shadow cast by the sunlight on the horizon.
Seeing as Alucard can change forms to suit his needs, he is naturally stored with his full arsenal but is restricted to certain weapons and powers when using said form. This is no exception to the sword, which can only be used during level 0 release or when changing into his Vlad form.
Judging by how he uses it in battle, the sword does not appear to have any apparent supernatural nature, besides being restricted to his true form and being a weapon bound to it, which is a different scenario from most of the Vampire King's weaponry.
After the battle in London, the sword was last seen in front of Anderson's remains. It most likely returned to Alucard's soul, seeing as it is apart of his Vlad Dracula form.