However, I think their usage of CSS3 transforms to focus on different parts of the video is pretty clever. Watching the video on its own feels rather bland in comparison.
(also, it may well be your machine – my laptop's CPU usage never gets above ~10% while watching it... just say'n is all)
My point, though, was that to me it highlighted a more symptomatic issue, that a certain segment of the population, who used to rail against discrimination against their chosen platform, are more than happy to cheerlead / defend / exonerate discrimination for their chosen platform.
The Panic guys definitely did work to make the site work in different browsers. There's some notes up on their blog at http://www.panic.com/blog/2012/05/notes-from-the-bleeding-br.... Of interest is the fact that they spent a day trying to figure out why Firefox was broken, but stopped when they discovered that Firefox 13 Beta 1 fixes it. They also put in workarounds for Chrome/Firefox bugs.
In any case, even if they hadn't done that, there's a far cry between "Designed for IE on Windows", and using new web standards that aren't fully implemented in all browsers yet.