The Axtinguisher is the melee side-grade of the Pyro class in Team Fortress 2. On the surface, the Axtinguisher seems like a down-grade from the Fire-Axe, dealing exactly half the damage of the original weapon. However, the Axtinguisher plays well into the Pyro's strategy. Using the original airblast Flamethrower, the Pyro can ignite a foe, airblast him (disorienting him, usually) and pull out the Axtinguisher to deal a guaranteed critical hit. This will usually kill any foe, exceptions being a Heavy or possibly an over-healed Soldier.
Note that this weapon will not receive any random critical hits, unless an enemy is on fire the Axtinguisher will only do 23-43 damage. A full 195 damage will be taken from opponents on fire when struck with the Axtinguisher.