As a photographer, and one who owns a PC-E tilt-shift lens, this video is mostly fail as far as any miniature scale model effect goes. The trick has to do with looking down from above, having a shallow depth of field (which is where the special lens comes in), and using saturated colors. Most of the shots in this video are at ground level, so very little appears to be a miniature scale model. It's still cool as far as a day in the park goes, though.
For some really cool tilt-shift photos, check out: