In Super Smash Flash, it was moderate-fast, but could not be used to spam. Like other items, the fan has a limited use and disappears once it has been used too many times by the player. As shielding wasn't present in SSF, the fan cannot be used for that.
In Super Smash Flash 2
In SSF2, it is much faster, but only deals 2% damage per strike. As with some other weapons, the fan can be charged. If used as a fully-charged smash attack of a 13% of damage, the fan will break an opponent's shield. The fan does not do much damage, but has quick hits and adds up fast. It even flips opponents.