Sure, replays did say that the catcher caught the ball, but the umpire also was unclear in his hand signals for 'out' and 'strike 3' were. His hand signal said 'out' as far as almost everyone was concerned.
Also mentioned was that when a ball is in the dirt, the ump usually calls 'no catch' which he did not. Granted, there's nothing in the rulebook that says they have to, but most do (also nothing in the rule book about hand signal differentiation).
Even with all this, I don't think replay for balls and strikes is good for the game. I would argue that most calls by umps are right, and slowing down the game would kill fan interest. Personally, I get irritated enough timeouts at the plate, but that's just me. I would like to see replay used for home run/fan interference calls, though. Damn you Jeffery Meier!