I think there may be one or two tiny problems - it looks to me like it's using ground effect for at least some of its lift and is still barely getting off the ground, and control looks just a bit unstable. And I suspect that if one motor fails you will be heading for a chain reaction with less stability, more stress on the remaining motors, etc...
This one looks a little more practical
http://www.e-volo.com/ongoing-developement/vc-200
but I'd be more impressed if they had footage of it flying outdoors.
