No time wasting by holding the ball to long is a big thing in the youth league. Gave an indirect free kick just a couple of weeks ago. If you think about it, there could a large amount of time wasting in this area.
As I mentioned the goalkeeper controlling the ball with his hands and the attackers retreating only to find the keeper stood there with the ball at his feet waiting to be closed down! This wastes a lot of time, but it is in open play, so nothing wrong with it.
I agree that it is up to the referee to ref the games as he see's fit, but within the laws. I love refereeing, and you always have one team that are not happy with you, and another that is! the losing team do not tend to shake your hand at the end, as much as the winning team, and you always have a moany player in each team, at least one that is.