This is Warp's third version of the European Rygar timeattack. Many small-scale optimizations summed to a total saving of 59 seconds, compared to the second version. This timeattack is different from the other in that it plays all levels and doesn't use the boss-warp glitch.
Warp initially selected this game because he thought the game is easy... well, it's not :)
The author has written a page explaining and commenting this speedrun.
Note: Famtasia plays PAL games at NTSC speed, that is 16.7% too fast. Thus the encodes are significantly faster than the movie should actually be.