Yeah, Jennings should have just knocked the damn thing down (or away, but "away" is tricky with a football) - likewise the Ravens kicker should not have hooked a 24-yard try so high and to the right that they needed replay to confirm that it was good.
Problem is that the "simultaneous catch" rule differentiates between control and possession - if one player gets control of the ball, even if he hasn't established possession yet, and another guy grabs hold of it before he completes the catch (by getting both feet on the ground while maintaining control), it's not simultaneous. Both players need to get hold of the ball at the same time.