Very true, except you can't jmup afterwords (unless you didn't already use your second jump). Me and my friends made some repalys.
Just move the files into your SD card. Put them in this folder: wii -> app -> RSBE -> rp
http://www.megaupload.com/?d=EVGGR9LM : First time we used it in a real match. We had to cut the match short or we wouldn't be able to get the replay of it.
http://www.megaupload.com/?d=ENGOPJ35: Just testing some stuff out on a level I made. Neet one to see.
One of the interesting things about it is that you can footstool jump a Luigi that's stuck on the wall. It's pretty funny. Also, in the first replay, my friend went under Battlefield with it. He could have done it without getting stuck, but it was soooo much funnier this way.
I don't think there's a real luse for it though. Just something funnyto do. I guess, if you can pull it off, it has some mindgame potential, but that's it I think.