From my experience, the coach/player has appreciated the honesty. I had one time where I was the new lead on a breakaway, and was in a bad position to see the swipe at the ball. I called the foul, and could see from the reaction of the player I probably blew it. Soon afterward, there was a timeout, and I checked with my partner. He told me from his angle, it looked like a clean block. So, as the players were coming out of the huddle, I said, "Hey, #23, come here a second. Do you know why you get 5 fouls a game? That's one per quarter for the ones you commit, and an extra for the one the ref misses." She smiled, gave me a wink, and said "Thanks!"
I think most players/coaches appreciate it if we're working hard and occasionally admit to an obvious blunder. We are human, right. (Well, at least most of us.
)That said, I also agree it is something that can only be used sparingly. You are there to provide control and leadership to some extent, and you don't want to undermine it by continually admitting mistakes. Plus, there is a time and place for it. Yelling across the floor, "Sorry coach, musta missed that one!" won't work.