The first thing I thought of when I saw the video was the webOS 1.0 - 2.24 (phones only) version of quick settings.
For webOS, there were 2 pulldowns, plus the notifications at the bottom, so technically 3. A swipe down from the top left of the screen would bring up the app menu. Similarly, a swipe down from the top right would bring up the quick settings menu. Here, you could quickly change network settings, go into airplane mode, control brightness (this might have been a tweak from the webOS-internals homebrew gurus), and a few other useful settings could be quickly changed.
I've always thought that having quick acccess to settings from inside other applications was missing from stock Android, so I glad to see this coming for Android 4.2. Doing 2 swipes is fine and all, but why not just go the webOS route? If the notification bar is still going to be visible, why not just swipe over the notifications for the expandable notifications, and swipe over the battery/time/network info for the quick settings?
I understand that having the top left/top right swipes will be more complicated for the new users (it was with webOS if I remember correctly), but 1 swipe to get right to what you need or want to do is faster.