I'd be a liar if I said that I thought watching the inane 'banter' of the two in the video to be entertaining (I hope you're not one of the two!).
White lies obviously are okay at certain times. Eg. To avoid hurting the listener's feelings (the truth can hurt) but maybe they want / need the truth? So, it's very much case by case here.
Whoppers?
They're best avoided. It's kind of habit forming - once you start lying to people, you'll tend to lie to people more often if you feel your lies of the past have been rewarding for you. And when you start over-using lies, it gets easier for people to notice your lies, I'd say.
So, if you must lie, lie in moderation. You don't want your reputation destroying.
Honesty really is the best policy, therefore, usually, but then you might need to brush up on your tact and diplomacy to avoid hurting people if you refrain from using the odd white lie on occasion.