What the… what??

It was all shot in single takes, recorded in real time:

In the past, projection mapping worked only from a single, static view point, and thus was very limited. By attaching the PlayStation Move to the camera, we can track projections to screens in real time, enhancing the effect of spatial deformation and false perspective on the projections and allowing viewers to look round (virtual) corners, bend walls, create a hole in the wall, or remove the walls altogether to reveal vast expanses of virtual worlds.

Check out the fascinating making-of piece:

[Via Felix Baum]