I agree 100%, and for anyone that sees this style offense live, it is immediately apparent that the whole point is to not let the defense get ready for play. I remain convinced that this is nothing more than a gimmick, and an exploitation. It isn't a superior offense in any way other than it tries to start a play before people are set.
Without a doubt, the primary issue is that the refs are treating it like a two minute drill, even when the game isn't nearing an end, or even close. I think we'll all accept that we don't want the refs to be the ones slowing the game down when it's a close game late, and we kind of accept that they're running around and trying to do their best to not have be the ones to run the clock down... but, come on now. There just isn't any need to do this the entire game. At least the NFL doesn't seem to be so willing to go along with this nonsense...
If I am a coach and I'm facing this sort of gimmick, I would try to insure I'm doing all I can to even the odds as well. I'd work the refs really hard, to try and make sure they're giving my defense the time it should have to get ready. The fake injury thing? It's cheap, sure... but we're talking about a cheap offense here. If that kind of flagrant bending of the rules is fine, what's the big deal about a fake injury now and then?