...wmv3 is just the FourCC name for the Windows Media 9 codec. Additionally, you'll notice that there's no great movement in the scene which means the quality will be better than scenes of high actitvity for any given bitrate. It's a real shame that they call it "proprietary information". Since when did video encoders get all secretative? LOL.
Anyway, as I said, I don't think they've done anything spectacular as the video bitrate is high and the file size similary so. Additionally, extrapolating from the file size to video length ratio, a full movie would be bewteen 650-700MB. Given that most MPEG4 encoded videos are roughly this size with equivalent quality, again I don't feel they've re-invented the wheel.
I could be wrong, but I really don't think this is a major breakthrough