I don't really know a lot about the chain whip. I only learned the basics, and never spent the time to actually get good at it. I think that there are only so many ways to change up the spins of the whip, so any form is going to look very similar...you've got the arm/elbow change, the shoulder change, the foot/leg change, the neck change. wrapping it around the body and unwinding it, shooting it off the foot or the elbow. blocking with the whip held at both ends, and spinning from the middle with both ends whipping around (not sure how effective that one is, but it's in there). Wushu throws in more acrobatics, like Victor says. The traditional forms would focus more on generating power with the whip, and practicing its methods of attack and defense, I'd think. Of course, I 'm not sure where the butterfly kicks and ground moves come in, but they're in every demonstration of any chainwhip form I've ever seen. Of course, I'm not an expert anyways.
As for catching it, seeing that guy do it makes it look possible *lol*...when you first mentioned it, I thought of the movie Iron Monkey, where it shoots back into his hand horizontally *lol*. I depends on how many sections of whip you have, too. when I do it, I toss it up like the guy in the video did, and catch the tip, then toss up the rest and sort of fold it in half, and then toss the rest into my hand. with nine sections it seems to work out that way. I think that way is just a shortcut for those who haven't mastered the weapon enough to do it all at once.
three section staff is more painful than the chainwhip. It's a "soft" weapon that's really hard when it hits you in the head. (remember the fight in Fearless, where the Japanese guy ends up with the three section, and smacks himself? *lol* we joke that the most effective way to defeat an attacker is to give him your three section and let him knock himself out)
I've practiced with it more than the chainwhip, enough that I don't clobber myself most of the time. I'm a wimp, though, and got a rattan one with ball bearing chain links
really, I'm never going to fight with this thing, it's practice is more for coordination and dexterity.