You can see that the first flipbook has a digital overlay mask for the sync of the mouth video to the words. See his right hand fingers.
Also, the apparent lack of regard for personal safety irks me a little. Wear some eye protection, dudes!
The fact that they were confident enough to not wear eye protection is one more thing that makes it impressive. I mean, certainly they have an insurance company that would want to see that they are being safe, right?
The first few seconds are legit, then the flipbook synchs up and you have that "oh wow" moment that sadly I am coming more and more to associate with "no wait, it's bogus."
Great song and great video clip, though, even if it's not "real".