that's a great example of how the lateral works on next-gen. in your video, it looks like since there was an oncoming defender
near the player as he was attempting a lateral, it automatically turned into a fake pitch animation. (even though you told him to lateral the ball) on last-gen, on laterals, that didn't happen, except in a rare situation where he was hit near the arm pitching it. on last-gen games, you got the option off almost every time you press the button. (above 95% of the time) and many times it could cause a fumble if a guy was in the path of the option. in those situations, the game never canceled your lateral that far ahead of time, like in Skeptikal's video, just so you wouldn't fumble.
when you say you used to be able to pull off the circus every so often, you are referring to last-gen, right? or was the lateral better in the early years of next-gen?
the moves i have been pulling off in ncaa football 2005 with the lateral on custom AA sliders have to be seen to be believed. i have lineman running behind the ball carrier waiting for laterals, i've seen QB's running behind RB's after they hand it off waiting for laterals. and you can get random circus laterals at random times in the game, like on punt returns or kickoff returns.
i've had plays on last-gen ncaa games where i pitch the ball at the last second and get 5 or 10 more yards. the laterals on last-gen are such an important part of the game. they are designed so well and they can happen at any time.