Yes, Richard Bertinet recommends a similar technique in his book "Dough" (which was the IACP cookbook of the year this year). Bertinet uses much less flour during kneading than this video shows, but the general motion is the same.

I've been using recipes from "Dough" a lot and like how they come out. I think the general idea of keeping the dough as wet as possible is great, and slapping the dough down is also pretty fun. :)

Is there such a thing as a non-stick bag that can be used to contain dough while "slamming" it against a hard surface and would this be an effective method to develop the dough?