It is not - from what I gather it's capturing a single exposure of a scene lit via a strobe to give a virtual 1/2000000s shutter speed.

Still super cool - the meat of what's novel here isn't the image assembly though, but rather the reverse engineering of the pi cams in a global shutter mode - I'm definitely interested in what the tradeoffs are around global vs. rolling shutter, if there's image artifacts or bandwidth issues, or what. Neat work gang!