[subhro]

> Instead of the most areodynamic way of flying straight, and the worst aerodynamic way of flying completely sideways, you power-slide the plane so that it's not dead-straight and the extra wind-resistance slows you down.

That is actually not completely true. You are mainly increasing drag to lose altitude quickly WITHOUT gaining additional airspeed. Remember, backside of the power curve, pitch for speed, power for altitude. You could push the nose down to give up altitude in a power out, flaps out configuration, but you might overspeed your flaps by gaining airspeed. That is why you have the Tokyo drift.