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Ashisogi Jizou (Beast-Killing Jizou)
Owner: Kurotsuchi Mayuri, Captain of the 12th Division
Command Phrases: "Kakimushire!" ("Tear off!")
Ability: When in its released form, Ashisogi Jizou's three blades secrete a substance that interrupts the nerve signals governing movement, effectively paralyzing any part of the body they injure. This substance is highly specific and does not affect any other types of nerve activity, meaning limbs it paralyzes can still feel pain. In its Bankai form (known as Konjiki Ashisogi Jizou, or Golden Beast-Killing Jizou), it becomes an immense sluglike creature with a stomach covered by massive numbers of blades. It also emits a potent and eventually fatal toxic vapor which is derived from Mayuri's blood. Finally, as a last resort, Mayuri can stab himself with Ashisogi Jizou. This causes him to transform into a liquid form that cannot attack or be attacked, thus allowing him to escape combat if he's in danger of being killed.
Benihime (Crimson Princess)
Owner: Urahara Kisuke, former Captain of the 12th Division
Command Phrases: "Okiro!" ("Wake up!") and "Nake!" ("Sing!")
Ability: Benihime is capable of disguising itself as Kisuke's cane. It can still act as a weapon in this form--it becomes a cane sword--but isn't as powerful. Its real ability, however, seems to be the ability to shape and manipulate blood. This is demonstrated in Chapter 67, when Kisuke uses Benihime to create a barrier against Ichigo's high-powered slash.
Fujikujaku (Wisteria Peacock)
Owner: Ayasegawa Yumichika, 5th Seat of the 11th Division
Command Phrases: none known
Ability: Fujikujaku's released form is curved, like the blade of a sickle. It can split into a fan of four separate blades.
Hoozukimaru (Ogre Lamp)
Owner: Madarame Ikkaku, 3rd Seat of the 11th Division
Command Phrases: "Nobiro!" ("Grow!") and "Sakero!" ("Split!")
Ability: Hoozukimaru transforms from a katana into a spear. The spear, in turn, is capable of splitting into a three-sectioned weapon joined by lengths of chain.
Hyourinmaru (Ice Ring)
Owner: Hitsugaya Toushirou, Captain of the 10th Division
Command Phrases: "Souten ni zase!" ("Sit in the frozen sky!")
Ability: Hyourinmaru manipulates air conditions and weather; in particular, it creates huge volumes of ice and freezing water. Hitsugaya can apparently control the shape of this effect, as shown in chapter 132 when he creates an immense wave in the form of a dragon. Going by what Izuru says, Hitsugaya's sword is one of the most powerful Zanpaku swords ever, and the sheer amount of damage it can inflict even in its Shikai form seems to bear this out. As if the "huge freezing deluge" thing weren't enough, Hyourinmaru's hilt can sprout a length of chain which Hitsugaya can use to entangle enemies (and also to direct the course of the storms he makes, apparently).
Nejibana (Screw Flower)
Owner: Shiba Kaien, late Vice Captain of the 13th Division
Command Phrases: "Suiten sakamake!" ("Uncoil the sky and water!" - unsure of this)
Ability: Unknown. Nejibana is destroyed by the Hollow Kaien fights in chapter 135 before its ability can be shown.
Senbonzakura (A Thousand Cherry Trees)
Owner: Kuchiki Byakuya, Captain of the 6th Division
Command Phrases: "Chire!" ("Scatter!")
Ability: Senbonzakura's blade disappears, transforming into a flurry of tiny blades so small that it is difficult for the eye to follow them. These absorb light, taking on the appearance of scattering flower petals. The blades are remarkably effective at inflicting damage, quite in spite of their size.
Shinsou (Divine Spear)
Owner: Ichimaru Gin, Captain of the 3rd Division
Command Phrases: "Ikorose!" ("Shoot to death!")
Ability: Shinsou's sealed form is that of a wakizashi (a shortsword version of a katana, basically). Its blade can increase its length extremely rapidly--in essence, firing its point like a projectile.
Suzumushi (Pure Insect)
Owner: Tousen Kaname, Captain of the 9th Division
Command Phrases: "Nake!" ("Sing!" - uses a different kanji for "naku" than the one used by Urahara to command Benihime, but the meaning is basically the same)
Ability: Suzumushi emits sound waves, which apparently have hypnotic properties; Kaname uses it to put Ishida to sleep in Chapter 126. In chapter 139, however, Kaname demonstrates an entirely different ability--a special technique called "Suzumushi Nishiki - Benihikou" ("Pure Insect Second Style - Crimson Flying Locust"). This attack generates a thick swarm of slender blades (almost like needles) that rain down upon Kaname's target.
Tsunzakigarasu (Splitting Crow)
Owner: Ikkanzaka Jiroubou, 4th Seat of the 7th Division
Command Phrases: "Habatakinasai!" ("Flap your wings!")
Ability: Tsunzakigarasu's blade transforms into a veritable cloud of whirling two-bladed shuriken. Even if those are destroyed, more can be produced by joining the bladeless hilt to the sheath and "re-drawing" the sword.
Tobiume (Flying Plum)
Owner: Hinamori Momo, Vice Captain of the 5th Division
Command Phrases: "Hajike!" ("Snap!")
Ability: Tobiume generates fire, which can either be released in short-range explosions or concentrated into spheres that can be hurled at enemies.
Wabisuke (Apology)
Owner: Kira Izuru, Vice Captain of the 3rd Division
Command Phrases: "Omote wo agero!" ("Show your face!")
Ability: Although Hitsugaya interrupts before much of Wabisuke's ability can be shown, it apparently has the power to transform into a hooklike weapon.
Zabimaru (Serpent Tail)
Owner: Abarai Renji, Vice Captain of the 6th Division
Command Phrases: "Hoero!" ("Howl!")
Ability: Zabimaru transforms into a large blade divided into sections. When swung, it stretches out, becoming an enormous whip-like weapon. Renji has apparently attained the level of control over Zabimaru necessary to use its Bankai ability, though the nature of that ability has yet to be revealed. Zabimaru's living embodiment appears as a strange, sleek-bodied ape covered in tatoos and with a snake for a tail. The ape and the snake both speak with their own distinct voices. Zabimaru's Bankai is called Hihiou Zabimaru ("Hihiou" meaning "Baboon King"). Its form is that of an enormous skeletal serpent with a wild main and a demonic skull of a head, and its power is rather similar to that of Shikai-from Zabimaru: it lashes likes a whip. Of course, its destructive power is greatly increased, and it has the power to split at the joints to avoid attacks--the individual pieces are linked by Renji's aura, so he can reassemble them at will.
Zangetsu (Cutting Moon)
Owner: Kurosaki Ichigo, independent Shinigami
Command Phrases: none
Ability: The cloth wrapped around Zangetsu's hilt can change length, becoming a makeshift sheath, but it has demonstrated no other abilities yet. Then again, Ichigo seems unable (or at least unwilling) to seal Zangetsu into the shape of a normal katana, so it's possible that Zangetsu's size and shape are actually its abilities. Zangetsu is probably powerful enough on its own that it doesn't need any "gimmick" powers; that would also be a good reflection of Ichigo's "charge in headlong and take no prisoners" fighting style. Zangetsu's living embodiment is a scruffy-faced man dressed in black who is fucking awesome.
I left Zaraki's unnamed sword off the list, since we'll probably be getting its name soon.
Introduction to Zanpaku Swords
(and once again, thanks so much to
dosetsu for all the work he put into this post, and his SUPREME Bleach knowledge.)