"Zoomies" is a cute word for it! We call it "The Rips." I think my mother-in-law came up with that. Both my Sheltie and my Lab pups do it occasionally, as did my first Sheltie that I had growing up.
I agree with both sides expressed here...although it's hilarious to watch and I get a kick out of it, it does signal to me that my dogs didn't get enough exercise that day. It hasn't happened as much with my Sheltie since we brought the Lab home about a month ago...as someone else mentioned about their dogs, now they tend to have the raucous play-fighting that seems to tire them out (although it takes a looooong time for them to get to the tired stage).