Hi there,
this thing looks l like it has some relationship to the principles of the devices invented by schauberger and coanda. The JLN replica shows that both inventors must have had working devices, but at least it proves that it is possible to build circular shaped vertical lifting flying objects. However, JLN was not the first one to replicate it, but he is the first one who published the construction details.
http://jlnlabs.imars.com/gfsuav/videos/GFStestf3.wmv