[cowbyfan1]

Yes it is a loose ball play but the team had possesion of the ball and lost it. What difference does it make if it is the exchange between the center and the QB or the QB and the RB? Team had it, team lost it, it's a fumble. To me the muff comes more when a team is intentionally giving up possesion like on a punt play or kickoff and the player muffs it then.. The "muffing" team never had possesion prior to the muff and thus in this case it is not a fumble and no reason to bag it.
Besides 2-26 "A muff is the touching or accidental kicking of a loose ball in an unsuccessful attempt to secure possession." Like I said, possession is already established before the snap was botched.