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As it is considerably smaller than an airship, it enjoys improved maneuverability at the cost of lower carrying capacity.
The Bullhead is a VTOL (Vertical Take-Off and Landing) tiltjet aircraft, meaning that it is an aircraft that can hover, take off, and land vertically. As a tiltjet aircraft, this is done using jet engines with thrust vectoring to achieve both forward flight and vertical ascent/descent. It also allows for the aircraft to tilt or turn sharply while still in the same airspace.
It has four small legs as landing gear.
It is possible that the Bullhead has a secondary propulsion system of some kind; it is seen having secondary air intakes on the wing roots. These may be helicopter-style turbines, although their exact nature and purpose are unknown at this time.
Judging from the amount of damage it sustained from Glynda Goodwitch's attacks in "Ruby Rose", the Bullhead seems to have a significant amount of armor. However, it is not invincible, as demonstrated by Penny Polendina on several occasions in "Black and White".
The Bullhead is a multi-role VTOL aircraft and has been seen used for transporting passengers and cargo. Including the two crew members needed to operate the aircraft, it can carry at least five passengers and a moderate amount of personal equipment while still being able to carry a 30-foot shipping container, an under-slung load of (presumably) several thousand kilograms.
A variant of the Bullhead, armed with a chin-mounted machine gun turret, is also known to be operated by the White Fang. This variant appears to be used in a dual close air support and transport capacity.
Cinder Fall is seen piloting a Bullhead in "Ruby Rose", using it to assist Roman Torchwick's getaway from the botched From Dust Till Dawn robbery. In "Black and White", several White Fang-operated Bullheads are seen attempting to airlift out containers of dust, as well as moving troops into and out of the area. They also briefly attempt to attack Penny, but are promptly destroyed. Roman also once again uses it as an escape vehicle in the episode.
In "Best Day Ever", one can be seen in the base, with White Fang members unloading large crates from its interior. Another was seen in "Painting the Town...", where it was seen airlifting Neopolitan and Torchwick away from the battle yet again.
Beacon Academy is also known to operate Bullheads. Several can be seen flying alongside Beacon airships in the opening. In "Search and Destroy", Team RWBY and Professor Oobleck use a Bullhead to reach their mission area. Beacon also appears to use them to deploy their Huntsmen into heated battle situations, as seen in "Breach", where Team CFVY and Professor Port are seen airdropping in from a Bullhead.