Visually speaking after the initiating the far LP Ibuki then uses her far MP. The following LK visually does not match her normal LK but Spin Kick instead. This target combo has been removed in the Street Fighter V series with a spiritual successor called Yagurakuzushi. Like Yagurakuzushi this target combo is not cancelable
It must be stated that this target combo requires her far LP to initiate as her close LP instead initiates Target Combo 4 with the medium punch. That being said in either game this target combo is not that useful. In both games there are better uses for her far LP. In the SFIV series she usually benefits more from linking MK or Spin Kick to try and score a knockdown to begin her vortex.
In the SFXT series Ibuki needs to push forward between the initiating LP and the following MP or else she will activate Cross Rush, a similar looking and timed mechanic that serves a completely different purpose. That being said Cross Rush is probably more useful than Target Combo 5 as more opportunities arise form that sequence.