Ohmygosh, it gave me a headache to watch that, but it was pretty cool!
Apparently its called a “Phenakistoscope” and Make magazine did a whole piece on making them. I believe the link is as follows:
There are three pre-made ones to download and cut linked there.
Should be easy to mount this on a wall with a redundant record-player motor for a fantastic kinetic sculpture!
FabCafe (a mix of coffee shop/cafe and maker space popping up around the globe) had a “Kinetic Illusion” workshop at their Taipei location several months ago to make very similar object. Really neat stuff.
Gallery from the event (this should be a link):
Videos towards the end, after all the designing/making bits. I particularly like the yellow, feathery one.