I believe this is based on Venice Unleashed, which is a mod that people have been working on for few years. Therefore, the mod in the video is basically a mod within a mod, per se. Once Venice Unleashed releases, which is December from when I checked it last time, you can modify the color saturation (therefore no more blue tint that BF3 is infamous for), sprint function, weapon recoil, suppression, and other game-related stuff. When they're saying that it is basically a BF3 version of PR, they're pretty accurate about the description because that's how PR started. A modification of existing game.
Here is the Q&A from Venice Unleashed's official website, if you're curious:
What are the requirements to play this?
VU supports computers running Windows 7 SP1 and newer. To play, you'll need a legit, licensed, and up-to-date version of BF3 installed on your computer, along with the VU client.
Do I need to own Battlefield 3 to use this?
Yes. You need a legit, licensed, and up-to-date version of BF3 installed in order to use VU and you will also be required to link your Origin account with your VU account the first time you launch it, so we can verify your ownership of the game. VU does not and never will work with cracked or pirated copies.
Do I also need the DLCs?
Not necessarily. You need the DLCs to play in servers using DLC content as you would in the vanilla game.
Will I get banned for using this?
No. VU functions separately from vanilla BF3, uses its own servers, and does not modify any game files. That means that you can just launch BF3 like you normally would through Battlelog and it's like VU was never there. Any changes to your game data are performed at your discretion with the use of third party mod tools.
Are my Battlelog stats transferred over?
No. Your VU profile is independent from your Battlelog profile. There's no progression and everything is unlocked for everyone by default.Is it legal?Yes. VU does not modify nor distribute any EA/DICE assets and functions separately from the vanilla BF3 client. VU is fully legal under EU interoperability laws.
And..... their own version of trailer so that people can see what it is capable of: