If Jones' refusal to sign a letter of intent has frustrated or confused you, get over it. Top recruits like Jones can still play in the programs they want without ever signing one. By not entering into a contract with a school the player has more flexibility should things not work out. A handy thing if, for example, Calipari ditches Kentucky for the NBA.
Coaches won't tolerate this move from most players but will certainly make exceptions for superstars. Its sort of surprising that it hasn't become common practice yet. Terrence Jones may already have created a legacy for himself in college hoops.