Very creative idea. Should serve as a reminder that money isn't always the answer to a difficult problem. However, it doesn't seem practical in situations without a tall ceiling strong enough to hold the device. And it would be hard to duplicate a take.
Like a lot of ideas like these, it immediately sparked thoughts of numerous ways to improve it (some that would eliminate the need for high ceilings, another that would allow for fairly repeatable takes).
But hats off to him for coming up with the concept. I'm thinking of a scene in an upcoming project where I'd like to try developing it.
Fantastic Plastic Entertainment, Inc. fantasticplastic.com