Knowing that it is illegal to strip the ball gives players more freedom to look for offloads ... which is where some of the more exciting broken-play football (from a spectator point of view) gets going.
Even still, it is a calculated risk to dangle out the ball because the players arm can be heavily knocked or an illegal strip can go unnoticed. Ball security is still important (but could be more so).
IMO, no stripping rule = more boring football.
I have no problem with the rule except in terms of the inconsistency of its ruling.
A "strip" should have to be a strip. You see loose carries all the time and too often the attacker is rewarded for it ... the defender is trying to wrap up the ball, touches it and then it fires out because the attacking player is barely holding it. That's not a strip. The defender needs to work the ball and pull it away - forward or sideways - from the attacker (with a reefing, jerking, raking or twisting motion) to be a strip. Touching or knocking the ball in the course of a tackle is not stripping.
A strip can be easily recognised at normal speed and should only require one viewing on replay (if required) to adjudicate on ... another angle might be optimal, but if you can't see a strip at normal speed with two different angles then one probably didn't happen.
If they applied a more rigorous definition of a "strip" and limited replays to one viewing of up to two angles at normal speed, I think we'd be right. It'd be more consistent and the replays wouldn't stop play for very long ... the standard should be 15-20 seconds, if a video ref can't make a ruling in that time, then it should be noted as a failure to perform their job adequately. Simple.
I wouldn't mind if they erred on the side of not awarding penalties, as long as disruptions are minimised and loose carries aren't rewarded.