Unfortunately the video is long on build-up and doesn’t show any footage taken during Baumgartner’s free fall. In any event, this is all part of a program called Red Bull Stratos (named after the sponsor) — they’ve got more images on their blog post about the test jump. Wired has a good article about the jump (with more pictures), too.
Bottom line: the team has some bugs to work out, but seem to be comfortably working toward their goal of a jump from 120,000 feet (36,576 meters), primarily so Felix can be the first man to break the speed of sound in free fall. They’re planning another test jump (this one from 90,000 feet / 27,432 meters) before hopefully doing the really big jump this summer.