I merged this with the existing Skills of Interest thread
The new variant got a Projectile Finisher added for the initial shot. The window to jump is 6 seconds, although I played around with and experience my Ele not making the jump al the time, if the 6 seconds ran out before I hit my target. Also note that the Grasp is "unblockable".
PS: As it is a weapon skill bar skill, you can not use it while other skills are channeling, so you can not Grasp, start Churning Earth and Leap.
Also notice this is a screenshot from a character with 2640 Attack, so the damage is really not that great.