I view it differently than both of you. I don't know the physics AND I don't think physics is the key issue in the scene.
Yes the scene bothered me as I think the timing/editing screwed up this scene. The guy seemed to let go at a point it became completely unclear that he HAD to. Now, I...
Not a 3D guy, but saw Gravity in IMAX 3D and very glad I did. As others have indicated this is a film to see on the biggest screen available.
As far as the film goes ... wow ... quite the heart-pumping ride.