I think the title of this is rather provocative, but I get his message.
My take on this;
1. The overhead squat, is a great beginners exercise. It teaches the stability and rigidity required by an athlete and the balance
2. But it's applications are rather limited. I find them most useful as part of a complex (A complex is where you mix it up, so example, 1 snatch, 1 snatch balance, 1 overhead squat)
3. I'd rather not do it as a single specific exercise because on a snatch, you are pulling under and you're supposed to STOP the bar from dropping further.
4. I find the snatch balance far better as an exercise, because it really mimics the dropping and punching and then supporting the bar motion. In a snatch, we do not teach anyone to "ride it down". We teach it as "Snap under, absorb and stabilise, and stand"
5. I think the overhead squat has a high potential for joint injury and I bet anyone who's wrapped their wrists like a baked potato will agree. I personally, wouldn't do it with more than 2 reps. One rep to mess it up, the second rep to correct it.
6. There is just, not enough cool factor with an overhead squat. A CLEAN grip overhead squat. Now that's cool. That's very cool. But once again, I don't see why I'd do a clean grip overhead squat, because if I squat jerk, I don't even get to receive the bar from that height anyway and ride it down. If i DO get to receive the bar at that height, I'd want to stand up asap, not squat any lower.
That's basically, my logic in very very very infrequently using the overhead squats.