You do realize that the booth official can review stuff in the NFL too - that isn't just in college. I like that they do that from time to time - if it fixes the game.
I'm not sure you ever want coaches to be able to throw a flag to require a review of a play for penalties. They could throw it every down - and there would be multiple times a game that they could find someone holding or pass interference, etc. As much as I was frustrated that the PI at the end of the Rams / Saints game wasn't called - I don't want the booth reviewing that. I think it opens a can of worms.
On the other hand...
I like the idea of reviewing specific penalties that ARE called. For instance, I like that when there is a personal foul call for targeting in college, the play is reviewed and can be overturned.
And I think that personal fouls in the NFL should be able to be reviewed as well. For instance, a horse collar call, a face mask call, or a roughing the passer call - such as the one in the Chiefs / Patriots game. That roughing the passer blow to the head should be able to be reviewed so that if someone smacks the qb on the shoulder pads they aren't penalized.