I think I have seen this video before or one similar on thehuntingbeast.com. There are a lot of guys over that hunt public land so something like this would let you walk further in with less weight to carry.
I can remember buying my first Baker tree stand. Hugged the tree and pulled the stand up with bungee cords on your feet. Made a quick slide down a few trees with that rig before I gave up on going too high with it. Bark rash on more than one occasion.
The only benefits I see to this method would be the obvious weight difference while walking and the ability to go as high as you want. Even with 4 or 5 climbing sticks, you are limited to a fairly consistent set height. Otherwise, I think it just takes too long. I can set up 4 climbing sticks every bit as quick, or quicker. And I would feel a lot safer doing it my way, but he sure has it down to a science, for him.