I think what Deion Sanders did back in the day is far worse than what's going on today. He use to hold the ball backwards and run for 20+ yards, almost playing with the opponent.
With that said, I am in favor of keeping it the way it is. What're you gonna do? Start penalizing people? Big f'in deal, they do a little irish jig, they drop the football and pretend to pump it back to life--how is this any different than the Lambeau leap, or throwing it through the uprights? It's not as if these guys rehearsed it for hours upon hours.
I think people are really taking this to an absolute extreme. People say "act like you've been there"--If I were in the NFL, and someone said that to me, I'd tell them to go **** themselves. After all the hard work these athletes put into getting into the condition that they're in, and the hours upon hours of work they've put into their bodies and their teams, let the freakin' guy celebrate if he wants to.