my best guess is that they got creative with a bullet-time rig....
maybe, instead of using a rigid frame with still cameras placed on it and set to all take a still frame at the same time from different angles, they had a string of cameras on a line or cable, perhaps supported by a large kite. the stills could have had a bit of photoshopping done to remove any rig (or shadows from the rig) that got into the frame.
just a guess, but a bullet-time rig is the only way i can think of... it's very cool.
Seriously, that cool but i sure is in 3d, if you look the last frame of paused motion you will see that the camera have to be very near of the kit-surfing guy but when you look at the middle of the paused motion(when the cam is on top) you"ll see no boat or anything near him(i know it can be rotoscoped, but its not) and to finish how can you have such a rig in water and an almost perfect arc camera motion, it impossible, its 3d for sure! is just(amazing) a 3d transition between to camera angle.
i know theres no boat or anything that you can see see BUT what if they did the trick twice, first pass using the jib shot, and second run using a camera man from way out in the water or in the heli, then used one still photographer to get a sequence of photos to aligned them up and make up the rest of the missing data by 3D? thats what i think, cause if you look at the effect at about 1:30, with that jib, you can see a photographer way out on the left on the first shot