That video is ... amazing. I can't believe that somebody would spend the time to make something like that, just to get noticed by Nintendo. I suppose anything is possible, though.
My favorite part is the giant Super Mario castle

(enough to download the 80mb file)
Seriously though, the video advertises that the "product" can play games and make games. Would somebody care to explain how you can make a virtual reality game using a helmet? I suppose that it could connect to your computer to do that, but why would Nintendo ever allow random people to make games for it's system without permission / having to pay them? Additionally, how is the helmet supposed to detect the movement of your body? The "product" doesn't appear to come with any other equipment (gloves, boots, etc.)
Even if I had seen this before E3, I would have known that it was fake because of these reasons.
That guy is a REALLY good animator, a pity that Nintendo didn't hire him after all of the work that he did.