Was this a typo? 1-look PLL certainly is a bigger benefit for the effort than 1 look-OLL; most people would certainly say that full PLL is probably more important than full OLL.
This was not a typo. 2 look PLL is very fast. There was a large discussion on this about 6 months ago or so. Most people were arguing that learning full PLL made you much faster than getting better with a 2 look system, but the only intelligent posts made it clear that the difference would be rather minimal. All the 2 look PLLs are some of the fastest PLLs (except the E-style cases). Recognition is much faster than full PLL (though at a certain point that stops mattering). On the other hand, 2 look OLL is MUCH slower than full OLL, mostly because the OLLs are really fast almost all the time. My times dropped much more because of full OLL (30-27) than full PLL (44-42), and I know several people who have also experienced this. I learned them in approximately the same amount of time (1 week), though by OLL I knew how to learn algs better.
About the video: Erik is one fast mother.