Technically, "Riley Stat" isn't really a statistical analysis. It is just a theory conjured up by Pat Riley how to evaluate a team's "real" power. That said, I guess one can argue that W-L records are a kind of statistics.
Crap stat? You sound almost offended. btw: you do understand the Riley Stat is exactly right at the end of the season. Hollinger is not exactly right at the end of the season. Riley Stat gets more and more accurate as the season progresses. It basically shows how it is really hard to make up road wins, and you shouldn't have too many home losses. Some people like to just look at losses. I like RW vs HLs. It's not crap, especially since it is so easy to look up every day in the standings. Also understand, we still aren't sure of the math to show predicted wins halfway through the season via either stat. They are both more about predicting rank...hence the phrase "Power Rankings."