Yeah it sure is. The blurriness of the camera hides the dithering a bit, but it still looks pretty neat for 16 colours, especially at that high resolution. Good thing though is if people think it looks okay, then it should look almost as good in 800x600 on an ECS machine.
That was snappy for AGA, it has to be said. I used to use a 16-colour mode with CGX-AGA before I got an RTG card (this was on OS 3.5), which basically seemed to do most of what FBlit did but also allowed RTG software that would work with 8-bit screens to run on AGA. It was fairly quick, but your demo there seems snappier than I remember.