I used to love to slip, aiming toward the threshold, always, and coming in crazy steep as you can do with a 172 cranked sideways. It's like "flaps 40" but you can undo it instantly. With practice, you can leave the straightening up until later and later. We usually tried to land very close to the threshold, as to make the reverse turnoff at our airport, to save two miles of taxiing.
Funny calling a 172 slip crazy steep. A lowly Cherokee with full flaps and no slip comes in quite a bit steeper than a 172 w/ full flaps and the rudder to the floor.