I'm not a big fan of the idea for one big reason. When I went to the Kansas football game last year and watched the stadium "Wave the Wheat" I thought it was the biggest buzz kill of a football environment possible. After every touchdown the whole stadium got dead silent while everyone waved the wheat rather than cheering. Sure it looks cool, but to me it felt like a really bad call was made by the officials. If I were a player from our team I would want it loud after a touchdown. And as an opposing player I think it's more frustrating when the crowd is going nuts than everyone putting up their arms and doing a hand gesture.
I know it's possible to cheer and still do a hand/arm motion but I think a lot of people are too stupid/lazy to be able to do both forms of celebration at the same time. It's the old pat your head and rub your stomach thing, it can be done, but a lot of people just can't handle the pressure.