As a way of stopping, this is no joke. As a thread this has been done so many times by sooo many bike noobs that are think they are cool. I met Ted once at random while riding on the street and we talked for a while and are actually friends now. One of the most legit people I have met riding.
As far as the stopping with your foot goes, it is the best brake you have other than a brake. This technique allows you to put more weight over the rear of the bike and takes no energy. And if doing it properly you are stopping the tire, not just slowing it, so there is no rubbing of your shoe, no smell, no wearing them out. Besides, he's sponsered by vans, gets more free shoes than he could possibly wear.
And to all the "safety" police out there, you should be advocating this. If your running brakless and your chain breaks or derails, you could be f*cked. I have used this a few times to stop after my chain came off and was glad to know it.