The Banana will travel until it is close to hitting the ground, at which point it will seperate into peel and fruit. The fruit will get shot at the point a projectile would normally hit at, so while the Banana looks like it is hitting weird, you can fire it like any normal weapon. The interesting part is the peel, which stops and gets knocked back by recoil. If hit directly from above the peel will hit the same place the fruit hit for a distance of about half the map, so firing the banana in this way maximizes damage. The damage is seperated into 45 for the fruit and 15 for the peel.
Twice the bananas, twice the fun. The Banana Split is similar to the Banana with the exception that the 2 fruits now only each deal 25 damage and the 2 peels 10 each, increasing the maximum damage potential to 70.