Once you watch the main video, check out the "making of video" below to see how they accomplished this unique perspective and style.
It's essentially the same technology that was originally pioneered in the movie the Matrix. However, implementing this technology on a Hollywood soundstage would have been WAAYYY easier than on location in a wave pool.
I just saw an additonal adaptation of this technology in the movie The Other Guys, with Will Ferrill and Mark Walberg. The bar scene in the movie utilizes this style of shooting also. It took me a couple of watches to figure it out though, as it's really intricate and well executed. Definitely worth watching.
I personally would love to incorporate this type of technology into a shoot. I've got a couple of ideas, but I might have to start saving my pennies and selling my organs in order to finance it. Unless you or anyone you know has a large budget they want to hire me with :)