I admit, when Freyja was little I lifted her up like in the Lion King. I guess I viewed it as a sort of "trust fall" as in, I may put you in scary situations but I'll never let you get hurt. Freyja wagged her tail the whole time and when I brought her down she'd turn into a whirling dervish of licking and pawed my legs to get back up. It became a game for us. Sadly at 80lbs she is too large for the game now. I had also done this with both my cats. Panzer loves it and will climb back up my leg to get lifted up again. He also likes getting tossed onto the bed, so he's a weirdo to begin with.
Apparently this is a new fad, with people lifting up their pets and video taping it. Has anyone else done this with their pups or other fur babies?