That's certainly what it looks like. It's either laser-light or led's, not sure on that. Either way, excellent find.

I believe that they are projecting the images on a thin sheet of water mist.

i think it was developed from CAVE technology.

it might also be the forerunner of: ...and power was given to him to give life to the image of the Beast

Wow, life gets more Star-Trek like every day. This is really cool, and yeah i agree with Xenophobe, its probably a visual on water because you can see the waves moving around. I once saw a show at disney world that was prjected on water, it was amazing.