Seems to me that there are a few different things going on here. Stretching, offsetting, and general noisy blocks of pixels.
I would look into using Video Copilot’s Twitch and possibly use it to drive the timing of a variety of displacement and directional blur effects on an adjustment layer(s).
The displacement effect can be displaced by precomped subtle fractal noises (perhaps set to subscale, block, with low contrast)
The adjustment layer can be masked either by hand or with a combination of keyed footage layers to get some quick and interesting alphas.
I’m sure if you played around with these elements you could drum up something similar.
Graham Macfarlane - 3D visualisation and VFX
3D Studio Max | Vray | Pflow | PhoenixFD | After effects | Mocha