It's overall more for fantasy of using a whip in combat with cool animations is main reason suggesting it. Just as an advanced note, I am new to the game and so may not know all the dynamics between all power sets or whether there is a niche which whip could fill, or what debuffs, if anything, it could provide.
But I myself lean towards it just sake of theme/logic, that whip user would have a wide range/longer reaching melee attacks. The only whip I have experienced is from a mastermind with demon summoning, but this is more of a normal whip than a magical power-granted one. Also, it could have several quick attacks, not necessarily high dmg, but could have 'bleed' dot dmg on foes struck and maybe some 'stuns' created by shock/pain of whip strike or such?
Overall, fast, low dmg (but dot dmg), reach, quite a bit of melee control is what I am thinking, but not sure is there power set like that already. But as said, more fantasy in mind, I suggest it cause I feel not experienced enough to suggest any solid mechanics besides what surface glance seen from other powers.