I'd like to declare first and foremost that I'm not an expert on this (or any other) topic. If you want to know about how to improve your skills at aerial shooting you'll have to ask dgui because I have no suggestions for you. All I know is why I've taken it up and what it does for me.
Tossing stuff up (or using a device to do it) and shooting at it is a great way to improve your "real world" shooting because it introduces an element of randomness. My other favorite activity for this, which I've been promoting for a long time, is can chasing . I had Jodi do this when I was "coaching" her for the ECST because it's good practice for seeing how your slingshot really shoots, not just how it shoots a target of a specific size at a specific distance and height.
Aerials are the evolution of can chasing. They teach the same skills but raise the stakes because along with being accurate at random distances you also have to be fast and be able to track your target. And you only get one shot to get it right (unless you're Darrel).
Downsides? It's easier to get a fork hit when you first get started and you usually lose whatever ammo you shoot.