At first I thought this was a little odd... Submitting a demo running under an emulator.. But even that's impressive, and I understand there were some extenuating circumstances (coder's 1260 board broke) ... And for it to win I guess that means the people there didn't much care. Hopefully the final version will be released soon and have the same results.
In any event.. I just watched it on my meager 1.1 ghz PC with WinUAE and it really is impressive. Seemed as if some of the scenes were pre-rendered animation with 3D on top of it (or is that more common these days for demos?) and not fully rendered in real time, but I can forgive that since it still pushed the hardware and they blended nicely. Also had great music and synced well. Very entertaining to boot. The Vista-like part there in the middle was a neat flashback (something I'd assume really was real-time).
I'm curious now what the (PC) competition was (and also the hardware requirements..)