That folks is the slow way around a corner. Drifting is visual entertainment. Show boat time. As far as competition driving and the fast way around a corner it's a major mistake that costs you about .5-2 seconds on a 1 minute lap. It sure impresses some people though!
I don't agree completly. Yes, the Fast and the Furious driftin takes a lot more time and is very costly tire wise but look at rally drivers, they drift all the time and they're extremly fast. Myself on the track, I think it helps to rotate the car faster if you get a bit sideways but don't misunderstand me...it's far from drifting...it's hard to explain...it's a subtle press on the throttle that makes you go smoother around the corner.
As for crashing being part of drifting...getting the car sideways is the easy part, maintaining the slide takes a little more technique but getting the car straight again without losing the ass the other way is another story.