Very interesting video. My take aways are:
It looks like a good training drill to work timing and transitions. The shortcoming (from my admittedly novice understanding of aikido) is that isn't the way it is exactly meant to be used.
As a TKD black belt, with a blue belt in bjj, who has cross trained for years with aikido (yoshinkan style) basic skills; I've always thought that when done correctly and for real, the goal was often to injure the opponent... not necessarily to throw him.
By this I mean, if I turn the pinky finger side of your hand over your forearm and elbow (to the outside), 1 of 2 things should happen. Someone with ukemi training will feel the danger and go with the pressure to avoid injury (resulting in a seemingly unresisted throw). When the same move is done on an untrained individual, the result is a broken wrist... but no throw. The success of the technique is not in it looking like 2 training partners using break falling techniques to avoid injury. It often actually looks messy and rough.
This brings me to my other observation. The video shows 2 similarly trained fighters, who know what the other guy is trying and how to resist it. You could compare it to rolling in BJJ, but that's part of where the disconnect is. Where BJJ rolling is (mostly) about obtaining position and working for a submission; I view aikido skills as more '1 and done'. The training to transition to another technique if the 1st or 2nd didn't work is necessary (and why 2 akidokas training often looks smooth and without resistance).
I've always looked at and said it this way (and this applies to the other arts as well - not counting vast skill discrepancies). "Nothing works if your opponent knows what you're about to do".
If he knows you're going for a front kick, or 1,2,3 punching combo, he'll dodge.
If I know you're trying for an americana from side control, I won't let you.
If he knows you're trying a wrist lock. It won't work.
If I smack you in the nose 1st, you may not realize my intentions for your wrist and elbow until it's too late. It's all about setup.
Now take all this from someone who has not studied aikido full time. This is how I have been able to work it into my other skills and found real value and use in the right situation. (Besides the time that a forward break fall I learned while training aikido may have literally saved my life once).