Yep I am (also) a drummer, and I have to agree with you.
Of course he's no Keith Moon, but the comparison with ringo is particularly adequate: they're both talented and innovative drummers with fair technical limitations but large amounts of creativity.
I mean, Nick's not that fast, maybe he doesn't really do justice to the double bass in his drumkit, but he's got the groove. And a lot of fantasy, too, as you can hear on the intro of "Time".
And another good thing is that if you practice the drums following his style and his patterns, it helps you becoming a lot more fluent in your playing, and the ability you gain emulating him allows you to go further, towards more intricate styles.
But all the best drummers will always tell you that's all about groove, and Nick has it.
