'Twas pretty impressive although I can't see the appeal of speedrunning through an RPG such as Morrowind, even though I've never played it, as you are skipping all the story and that's what's key for an RPG.
Also, if that's all there is to that game, it really doesn't look all that impressive to me, not exactly very big unless it takes a while to get to wherever that guy actually flys to.
On the note of Speedrunning anyway, I can definitely see how speedruns are fun, having tried to do it and seen it on other games (Doom3), particularly fun, and seeing all the challenges of finding the easiest ways around things and knowing where everything is and how to avoid it etc..