Where is the game play? Ohhh. I wondered what the shooting sound was. None of it bothers me. I remember that the early development version of Tempest moved the screen about, keeping the ship in one place, like is shown here. It makes for a very static kind of game play. Maybe in this case if the ship were at the bottom, more like a gun sight, it might look more like 'you' were moving about.
I am doubting the 'trippy' parts of the video. It would require a raster monitor. Perhaps if the system used a mirrored, dual monitor system. One below, one above.