2 feet is a bit exaggerated, when you see him standing in profile he leans a bit forward, I 'd say a few inches.
Seems to me that, or the thing is actively stabilized, or you 'll need weeks of practice to learn how to fly it because it can not be naturally stable. Also a landing with more than 125 lb on your shoulders seems to me almost impossible to achieve. A chair or some other stand might have helped to take the weight of the pilot's shoulders.
Nevertheless, I think it looks nice and it would be fun to fly it although I would never do it.
Checking if it has enough power to lift 330 lb:
From the Rankine-Froude Momentum Theory of Propulsion :
1. Power = (Thrust) * (Air Speed of the accelerated air mass) :
P = T * (V + v)
2. Thrust = [Flow of accelerated air Mass] * (Final Air Velocity Increase of this mass flow) :
T = [? * A * (V + v)] * (2 * v)
Note: a. The air mass being accelerated by the fan disk will increase speed before passing the fan disk,
when it reaches the disk the speed increase is v, then it continues to increase behind the disk until it reaches a total increase of = 2*v.
b. In hovering conditions V = 0.
When we consider hovering conditions, the Thrust (T) equals the aircraft Weight (W), and using this in the 2 above equations by eliminating v you get:
For T = W, P = SQrt((W^3)/(2*?*A))
In reality P will be higher (for a ducted fan, probably about 10%) because in the above equations there are no losses considered like for example the energy lost in rotational momentum.
Doing the calculation P necessary for hovering at sea level is about 51 HP. With all losses included let's say about 20% more is about 61 HP. In other words, he can not even lift 330 lbs.
Maybe it is a bit insane, but I like it anyway, and it could undoubtedly find useful utilities, maybe in the army or so.