Before buying the axe I used a four-sided wedge (basically an elongated pyramid) and a sledgehammer for splitting.
So, how does this axe perform? Overall, I am very happy with it and proudly show it off at every opportunity. After spending some time learning how to use it, I can report that, for some types and conditions of wood and with the right grip on the handle, it truly does split wood in the manner shown in the video.
As noted in the other comments, certain types of wood are easier to split than others. After my pizza oven was finished, I somewhat foolishly bought a 1/2 cord of apple wood from the apple-growing region of Washington state. This wood is incredibly dense and has proven difficult to split by any means, even after 3 years of seasoning. The splitting issue is made worse by the overall knottiness of the wood.
I also bought a 1/2 cord of mixed wood from a local supplier. The axe is at its best on straight, dry, knot-free pine, oak, cedar, and so forth. The vertical motion is translated into horizontal motion milliseconds after the blade of the axe penetrates the wood and the split-off portion flies to the side with explosive force, often landing 8 to 10 feet away.
It took me an hour or two to learn to use the axe properly, with a relaxed grip to allow the head to rotate after it strikes the wood. Wearing gloves (recommended in any case) can make this even easier.
The blade of the axe is not razor sharp and does not require sharpening or other maintenance.