This is not a skydiving rig, but a paraglider designed specifically for aerobatics like this.
This trick is called the "infinity tumble" or "infinity loop". A few years ago only a handful of people in the world could do it, but with new aerobatic specific wings and the power of the internet hundreds of local sky gods across the world are doing it (or at least trying).
Looks amazing, must be the purest form of flying. You really have to trust your equipment. I wonder, am I too old to start paragliding?
It is a pure form of flying in the sense that it requires very little equipment. As far as trusting your equipment, paragliders are among the strongest aircraft flying. The problem is they require positive loading to stay inflated, so they have a narrow tolerance for turbulence and can suffer collapses.
You are not too old to start. Paragliding is a very personal sport, and you go at your own pace. You can have hundreds of perfectly safe evening flights before you decide to start flying in more dynamic conditions.
As far as the "purest" form of flight, having experience in all of these, I have to say its the hang glider. It only requires slightly more equipment, but the ability to control pitch is worth it alone. In a paraglider you are pretty much stuck in a narrow speed range, with no ability to dive (other than in a spiral). Going back to the collapse thing, once you lower your wing past a certain angle of attack it will no longer stay inflated. Also the faster you go the close you are to the collapse. Where as in a hang glider, you have full pitch control without negative side effects. The glide performance at higher speeds is also significantly better, and the HG becomes more stable with speed instead of less stable like a PG.
Here is an excellent video demonstrating the wide speed range of the hang glider. The first couple of minutes show the slow speed stuff and around 2:50 things start to get exciting.
Paragliding is like floating under an inflated bag. Hang gliding, well its like strapping some wings to your back and sending it like Superman.
http://www.youtube.com/watch?v=VhH1CHgfaVM
