Hey Erick, the filmmaker Dave Dunn created this by just throwing a one time use video camera repeatedly into the air and catching it (although he did drop it a few times)...needless to say our judges loved it and he took first place in our '08 competition.
I'm pretty sure Dave Dunn has also tied the same kind of disposable video camera to a balloon in the past.. I wonder if the camera for this video was buoyed at all by something similar.
typea.us/single/toss/