gtho4, have you ever seen a tape of the final
play of the 1982 Cal/Stanford "Big Game"? It's the wildest exhibition of laterals I've ever seen. Cal snatched victory from the jaws of defeat that day with a play that featured five laterals, a marching band on the field, a broken trombone, and an NCAA investigation. The thing is so infamous that it's known to Cal and Stanford fans simply as "The Play".
Generally, you don't see too many laterals in the pros or even in college ball these days. I think coaches consider it too risky a play. Once in a while you'll see a lateral
in a called play, such as the "fleaflicker" or the "hook and trailer", but mainly it's used in an impromptu fashion on a desperate
last play of the game.