This obviously is a more tedious approach to animation. It does show how much aid Blender gives by filling in the between movements in animation. That would really help in longer animation sequences. I did realize by doing this that for some very specific animations it would be helpful to smooth out some difficult areas that may not work with blender doing the guess work on what happens between keyframes. However, I would bet that no one a Pixar or Disney keys frame by frame. 
I also found that I did not really make the moves really small enough to give the little animation the proper looking speed. But, I did key in 58 frames. It seemed like forever until I saw the rendered result which happened really quickly.
I enjoyed the lecture and think it is an important learning tool to realize how the motion develops frame to frame!