Flag juggling adds an interesting dynamic to carrying flags. It encourages me to pick up flags more often because it actually becomes fun to carry flags across the map. It puts more pressure on your because you're actually in control of having either a good or bad flag run. It makes it that much more satisfying when you have a perfect run. With normal flag running you just walk... and you keep walking until you are at the capture point. There's nothing to it except choosing the path you run across. It's much less engaging. I can't imagine flag running with the Halo 4 settings to be very thrilling compared to flag juggling in previous games. It seems rather passive in comparison. Less so than normal flag running in previous Halo games but still much less interesting than flag juggling.
I'm sure that not allowing the flag carrier to drop the flag requires your team to use more teamwork but so does making the flag carrier move at 1 mph. I personally think that there's already enough teamwork required to capture a flag, I don't want to be hindered even more. It's not like in Halo Reach you will cap flags on your own all the time in gametypes with flag juggling on. It still requires your teammates to help you out, only you can help them out too by dropping the flag and assisting them in killing enemies. Now that is teamwork. (I understand that you can help your teammates out in Halo 4 too but you've only got a fairly weak Pistol compared to more powerful primary weapons in previous Halos)
Lastly there's the risk/reward side of flag juggling which is (hopefully) obvious to everyone. You either go for a relatively sneaky run by holding the flag in your hands or you go for a faster but more noticeable and riskier run. You choke on the flag grab? Suddenly all your made up time is gone, that's what makes it so great. It makes the flag carrier itself much more important than in matches without juggling. It creates a bigger skill gap in carrying a flag. That's awesome! That is what makes doing it perfectly so incredibly satisfying to me. "Exploit" or not I would much rather see it stay and maybe even become an 'official' mechanic.
I'm sure that not allowing the flag carrier to drop the flag requires your team to use more teamwork but so does making the flag carrier move at 1 mph. I personally think that there's already enough teamwork required to capture a flag, I don't want to be hindered even more. It's not like in Halo Reach you will cap flags on your own all the time in gametypes with flag juggling on. It still requires your teammates to help you out, only you can help them out too by dropping the flag and assisting them in killing enemies. Now that is teamwork. (I understand that you can help your teammates out in Halo 4 too but you've only got a fairly weak Pistol compared to more powerful primary weapons in previous Halos)
Lastly there's the risk/reward side of flag juggling which is (hopefully) obvious to everyone. You either go for a relatively sneaky run by holding the flag in your hands or you go for a faster but more noticeable and riskier run. You choke on the flag grab? Suddenly all your made up time is gone, that's what makes it so great. It makes the flag carrier itself much more important than in matches without juggling. It creates a bigger skill gap in carrying a flag. That's awesome! That is what makes doing it perfectly so incredibly satisfying to me. "Exploit" or not I would much rather see it stay and maybe even become an 'official' mechanic.