I can't get the video, but I think I have seen it before. I didn't like it either. As I recall, he is making the point that a $400 bike is as good as a more expensive bike, and says the only change he made was to spend a couple hundred dollars on a better wheelset. So the point he is really making is - riding a cheap bike is fine, as long as you don't mind spending 50% of the bike's worth on upgrades. Lame.

FWIW - I ride cheap to somewhat expensive bikes, although none of my bikes are less than 10 years old.