That's your standard high volley. Nothing fancy. In fact, I'd keep it simple as possible - short takeback, keep it in front and punch it. A lot of players get into trouble because their eyes get big and they want to take a swing at that one.
That's your ball, if you leave it for your partner he might not be ready for it thinking that you should have had it. A lot of people at the net are afraid of getting passed up the line and hug the sideline (and end up leaving the middle wide open). I believe it was Stan Smith who would talk about it's the net man's duty to cover the middle and if he's doing his job the server should only have to use his outside shot on first volleys. Middle is yours. Now, I totally agree and that applies when you have partners of equal strength, but I'm ok with making the exception that the stronger player takes it or whoever has the forehand volley takes it, but that's something you and your partner should be on the same page about.
As for where to go with it, my read is on the opposing net player. My first option is to always look for the diagonal/seam in coverage. That places the ball behind the net player and travelling away from the returner. If the net player is playing deep that opens up the sharp angle, or you could just go straight at the net player's feet. I would not generally recommend angling it back towards the returner because look at the space you just vacated by moving to take the ball in the middle.