It has an attack power of 240 and it has an extremely high base critical hit rate of 90% (which exceeds the Rainbow's 70%), though the attack power is rather unnecessary since you max out at 255.
Akin to the Dreamreaper, the blade/sprite of the katana is colored pink in-game, though the shape and color of its slashing trail (a bulky curving line of white with blue-and-pink outer-ends being mixed in) is shared with the aforementioned Rainbow (with only the shape also being shared with the Suzaku).
Many believe the sword's name is a reference to the DS system itself or made from dreams. Since Dreamseeker is a compound word containing DS and is exclusive to that release of the game; however, it is also likely the Dreamseeker found its name simply because it is received from the Dream Devourer (as well as the color of the blade).
The naming in Japanese akin to the English version is also a bit of an opposite to the Japanese name of the aforementioned Dreamreaper (the Japanese name of it being "Nightmare").