Although it doesn't apply to real game action, it definitely serves its purpose - it not only develops forearm strength(strength on the puck), but (as you already touched on) hand-eye coordination as well... furthermore, it develops soft hands, which is crucial to not only stick handling, but passing and receiving passes as well...
Oh I agree, but you know what also does all those things. Playing hockey.

I still think you improve your hands best by practicing stick handling and passing. The only reason they can do those tricks is because they practice hockey the right way alot.
Don't get me wrong I will practice that stuff too, like Sheahan there in a drive way, or living room, or backyard. My gripe is when you get out on icetime where you can actually do things that you can't outside, play hockey not lacrosse.
I think you are right he is humble. I also think he knows that if you get complimented for a thread the needle pass it feels really good, or a deke that puts someone on their butt. When someone says whoa that was cool that you could do that trick, you just kinda go oh thanks... *shrugs*
I am the type that just, (and rarely) does somethign right then skates back and just says thanks if anyone says anything but feels embarraced. Rarely when I know it was something really good I would actually smile and enjoy the ribbing that comes with it. That is the kinda guy Riley strikes me as, I like it. Modest is a good way to go. This is why I think the youtube thing bugs him. I bet if he had a Datsyuk like deke in the NHL go up on Youtube, he wouldn't feel embarraced about it!