Kasia Cieplak-Mayr von Baldegg explains why this is not your usual timelapse:
The method is not super new but it's been catching on lately; videomakers call it hyperlapse. Essentially, moving the camera through space while shooting stills at regular intervals creates sweeping shots when played back as video. Many time-lapse videos feature camera movements — just not camera movements this big. Covering a lot of ground seems to be the key to creating dizzying momentum. Check out the shots at 1:30 to see some particularly cool examples of what it looks like, and don't forget to watch full screen in HD!