I'm of two minds on the use of scrolling as a method of interaction with the page. The term "scrolljacking" has been coined as the negative way to describe this particular style where the page itself is designed to render based on the scroll position. At the same time, I'm completely behind trying to find new and more effective ways of interacting with content.
To me, this page is mostly effective, but I'm on a Macbook Pro, which is probably the best-case viewing experience, but I can't imagine this working well on older mobile devices.