The short version is, it's single player only, and it doesn't affect watching a film. The game still runs at 30 ticks per second, it just renders more often.
I've tested his build and it partially works for me. Solra had better luck than me, so your mileage may vary. In order for it to make it into Alephone, either Treellama or Hopper would have to accept his code changes. I obviously can't speak for them but... I'm not holding my breath.