I had a buddy who bought a car with a Ravelco in college. I've been up close and personal with the system and he and I investigated the work to remove it from his car and decided not to. The method shown in the video would work to defeat it. Whether or not a thief off the street could defeat it in the time they did it in the video is up for debate. But, I speak from experience, it can be defeated. Also, ask yourself, who was the source that said this was faked? (spoiler alert - as discussed in the thread above, Ravelco claims it was faked)
The take away is that it's a good option, if you're OK with plugging in the fob, but it is not magic.