It's good enough that it will fool some people on Facebook/Twitter, but it's pretty far from being able to stand up to any scrutiny.
Think of the scenario where someone edits a few seconds of a 30-minute interview. They make the interviewee go from saying they hate drugs to saying they love drugs. Even if you weren’t expecting that claim from that person, would you go back and recheck their mouth movement, to be certain if it was edited or not? Unlikely. Even if you would, I’d wager most wouldn’t, including most of us that could detect it.
For truly scary things, like falsifying evidence, I think it will be awhile before this will get past expert analysis, or even a group of people on Reddit trying to prove it wrong.
In the long term, video will simply be treated like photos are now. With disbelief.
That was done in The Expanse novels, I wonder if that is where people get the ideas to create things like this from.
> Can we also determine if the video was actually edited or forged?
Detecting fake videos is actively being researched and there are working methods available, governments are very much aware of the danger.
Smaller economies are going to get screwed by this, though, as they won't have the resources to fight yet another technological battle.
Also, rule34 implications.