Making a 3d effect like this is where blender shines. Attached is an example (it is probably too dissimilar to what your initial post had) of what can be done in blender in about ~5-10 minutes.
Blender also antialiases it, so it should look nice. I also added an effect where the back blade becomes lighter when it is further away, otherwise it would just be as 2d as GrayFace's spritesheet.
Seriously though, most game art nowadays has some sort of 3d package used somewhere in the workflow, because it makes some operations (such as animating 2d sprites) much easier.
Edit: yes, the picture does have an alpha channel. it just doesn't look like it in the preview.