I know Laxus was hinted at earlier, but how would he know to head directly to Tenrou Island, otherwise? All things considered, he got there fairly fast, within the same day.
And I just don't see the point of another offensive spell, when there is already one offensive spell that is said to be the best. Unless it had some effect on Bluenote (who might not have really known what it does) and he'll show up later, I can only surmise that it did something that wasn't readily apparent. Otherwise, the whole plotline of giving Cana Fairy Glitter would have been pointless.
The only other thing I can think of, is that Cana will gain use of it later and we'll see what it actually does, and so the plotline was just setting her up with it.
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