The Walker Sword is a new item from the Better Dungeons mod, which the Walker Boss carries and drops upon his death.
The Walker Sword does 7 points of damage (equivalent to 3.5 hearts) which makes it equal to a Diamond Sword but will last longer due to its increased durability.
The Walker Sword has two main abilities, with the first being that when you block with it you are immune to incoming damage. The second ability is if you shift-right click you will teleport a short distance taking a small amount of the durability of the sword. This ability is able to teleport you through (and into) walls allowing you to skip traps and puzzles in dungeons and have a quick escape if you are trapped somewhere.
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