This is something that would probably only be used with direct control but say you wanted the player to be able to fall off a ledge it would be good to have a standard falling animation for that. Currently I'm not sure how I would go about implementing one. I suppose I could put a trigger box around the edges of the platform and when the player enters the trigger it changes the animation to falling, or would there be an easier way?
But it's not a big deal. I don't even think I'll be doing that. It's just something I thought of while playing around in AC.
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The methods used in the video would not necessarily all be needed - just the end bit where he changes the sprite to jump/fall.
The method of blend states in mecanim is well demonstrated here too.