|This basically works like the original climb, with one difference. While you press left or right (depending on which wall the rope is shot in) you also press up. This will cause you to gain speed, so you will fly up further.
Releasing the rope too soon will make you fly against the opposite wall with great speed, so then high reflexes could be handy :) Release too late and you'll fly against the other wall, in which case having the parachute selected could be handy. If you release it just in time, you might still find yourself pretty close to the other wall, which makes it very risky to try the fast climb again. Solution to this, without losing too much time is pressing space twice, so you will cling onto the other wall, with more space to move in.