What does everyone think of this? I was reading the Avinash post regarding this and really I don't care either way on the argument. However this is definitely a "World Tour" tactic and I was actually quite surprised to know it wasn't considered illegal in TS4. I know that the effectiveness of it isn't what it was in TS3, however this one example makes it really unfair:
Volleying in this game is by far easier than it's been in the past, and a lot of borderline cheese players take advantage of that with Kelly-ish setups exploiting drop volleys and things of that nature. Now the scenario is that doing this while holding in RB against someone with a weak serve would be beyond cheap. It's like R&V!!! Return and Volley!

As far as any other application it's not a huge deal but I think this one exploitation alone certainly brings it into question in using it at all.