Henry Abbott sits down with Joe Borgia, Vice President of Referee Operations to discuss the issue. Among other things, they take a look at some of the infamous YouTube travels to analyze them. Regarding the crab dribble, Abbott writes:
"Watch the move, which is now famous, and you'll be convinced that, by the letter of the law, LeBron James certainly did travel. But it's closer than you might think. It all comes down to when James gathered the ball, because that's when the dribble stops.
Start and stop that video again and again. Try to find the exact moment when he stops dribbling by gathering the ball into his hands.
"He's gathering," says Borgia, "on the left foot." If James had gathered slightly later, though, with his left foot lifted off the floor, it would have been different. Then he'd have been a guy gathering on his right foot, and taking the two steps that players have long been getting from NBA referees. It's not allowed by the NBA rulebook, but it has long been allowed by NBA referees. "Another three feet, another half-step," says Borgia, "and it's legal."
Listen to LeBron James, though, and he's just sure that he only took two steps. Borgia agrees that James has likely done this move before without having it called. But in those other instance, Borgia suggests, James has gathered the ball slightly later, after that trailing leg was off the floor. Then he could take two steps to the hoop."
The actual move itself is closer to being legit than you think. It's all depedent upon timing, which is ridiculously hard to catch properly at real speed.