Just to reply to the above 3 posts - first, the only time there would be a "loose ball" where you would not still have a team in team control, or at least have a ball live where it was certain which team was to have the ball (such as the beginning of a throwin) would be during a try or tap. I guess then you would have to go to the AP arrow, but that would be equitable.
Second - as to becoming an ambassador for FEEBLE - them's fightin' words
Third - IMHO, the NCAA had a problem with that rule because the refs weren't trained thoroughly enough. This is the same mentality (I mean on behalf of the NCAA, not the poster) that eliminated the jump ball from NF. The reason given was not that it took too much time, but that refs had trouble tossing. I don't. And if I make a bad toss, my partner blows the whistle. Taking the jump out of the game is the same to me as when they put the DH in baseball and started playing indoors on plastic. YUCK!