Disclaimer: in a general sense - I'm fine with the play/ability to pull this off. I think it fits within the framework of the game/rule set.
I don't think you can "ban" it just based on the fact it could lead to damage if a stick went through the cage - if that was the case you'd have to say "all sticks must be in contact with the ice at all times lest you spear or highstick or whatever an opposing player". Just the same for skaters - you can bring your stick up but if you make contact to the head/face be in intentional or inadvertent - it's a penalty (and in this instance - the goal would be waved off). I'm also not saying we call mask shots to the mask a penalty. I'm not talking absolutes or delving into the ridiculous here folks.
The game has always been - if you are reckless with your stick and make contact in the head/face area (blood or not) it's a penalty. This particular instance should be no different (even though Rittich wasn't really any worse for wear... unless of course a stick blade went through his cateye). The only difference here I see is that - being a goalie - he was more concerned with making a stop than throwing his head back and embellishing to get a call. Overall it boils down to risk/reward - yeah, I think I can pull this off without highsticking someone sooo... I'll give it a whirl. If I don't pull it off (or do something against the rules in doing so (like carry it in from the blue line)) then I live with the consequences.