Yeah, TD I finally found an A320 FCOM and am wading thru it. Definitely looks like the "Too Low Terrain" warning should have come on, and I agree that it could be judged a nuisance if you trying to land and already know you are faster than normal.
'
Trying to find the excruciating details for the "flare" mode, as I am thinking it was not in effect and normal gear up control laws helped them to grease it on. Might also explain why thrust reversers may not have actually deployed regardless of throttle position/selection/whatever when WoW shows airborne.