[Edit: Hey, there’s more! Now I see what you’re talking about.]
That little blur is just a bunch of images (each line/circle/whatever would probably be a different image) moving back and forth over top of the words. It’s a complex image and probably took a while to get to look good, but that’s none the less all it is.
Just finished his tute in photoshop. Bluur effect is pretty neat stuff. But just what I did, following his instructions, cost 2K. Its a lot of space for a split second animation.