My son has been working on raleys for a couple of months now. He finally held on to one last weekend.
Most of the time he has managed to get the board back underneath him before he hits the water. It at least breaks most of the fall, then it is just a major faceplant or tumble. Occasionally, however, he never got high enough to start with and the board is not underneath him when he hits water, and .......
No serious injuries from Raley attempts yet, but he always makes it his last attempt of his run because he rarely feels like making a second attempt right away.