Some ILM cg guys are saying its fake.
At the beginning of his flight there is something not right that makes me think it too.
www.gizmodo.com/5895235/cgi-experts-say-flying-bird-man-is-fake#9 hits it best. The head camera footage is stable...
And the shadows.
My guess is it's a red bull flugtag viral.
Or actually I missed this one... The 3d "engineering model" is in Maya. Fail. Pro-e would be used, not a freaking cg package. So guess its a maya ad.