Sigh.
Engineering 101 here. Torque is a force, applied about an axis, which tends to force an object to rotate. Your vehicle generates torque via a combustion engine. The video generates torque via an electric motor. You generate torque on a door knob by muscular contractions. While energy forms and and usage methods will vary, the underlying mechanics do not.
Angular momentum is the measurement of the amount of rotation something does about a fixed axis. This value is functionally a factor of the applied torque, mass of the object, and frictional resistances.
Now, it's hard to picture this, but what we are looking at in the video is functionally a mechanical battery. If you have trouble visualizing this replace that metal disc with a wooden one, and have it bound to a fixed point on the opposite end with a rubber band. Force is applied to the rotating mass. It is stored as kinetic energy, and slowly dissipates into fricative heating. While that energy is being stored, you've got a bunch of interesting physical properties.
Gyroscopes use a weight with immense angular momentum, because of the aforementioned laws of motion. They resist changes to orientation due to this. This is why a gyroscope is used in navigational arrays. Up will tend to remain up, so no matter your path you will always know which way the ground is. As demonstrated, the rotational force is being used to counteract the force of gravity. The mass of the system doesn't change, despite "feeling" lighter. What we actually feel is not mass, but force. The same 20 pound iron ball would be light on the moon, but heavy on the Earth. Likewise, you can counter gravitational forces by unbalancing a torsional force, such that energy is dissipated in the opposite direction of gravitational forces. Put mathematically, G=-9.8m/s^2 (where a negative number represents down). Assuming that I have a 10 kg mass, my gravitational force (Fg) can be represented as Fg = G*m = -9.8*10 - -98 kg*m/s^2. If my disc applies an unbalanced rotational force (Fr) of 98 kg*m/s^2 upward, the observed weight of the disc will be F= (Fg+Fr) = -98+98 = 0. This doesn't negate mass, it isn't anti-gravity, and it isn't even a perpetual energy source. Friction will slowly decrease the rotational force of my spinning disc, until there is no energy left. Once Fr decreases, the observed force of the disc will return. In human terms, we'll start to feel the rotating disc get heavier.
As far as perpetual motion, that is just moronic. Like any other battery, you are dissipating energy via heat constantly. Even a pair of 100% efficient, friction free, bearings would dissipate rotational energy as heat due to fluid resistances. Just because a human cannot detect a 0.05% loss of energy per rotation doesn't mean that it isn't happening. If this sort of logic were true a power plant would only have to get the turbines to turn over once, and they'd have enough "perpetual" energy to turn turbines forever. I can assure you that's not happening. Likewise, unbalancing an object in torque doesn't generate a moment that can be harnessed. It's an unbalanced force, which may be used to create motion, but that motion dissipates stored energy from the system.
Put another way, let's do a thought experiment. You start with a disc which has a fixed mass, but variable radius. Initially, the linear force you apply to the small radius disc is expressed as a large torque value; as the disc rapidly accelerates about the axis. Next, you double the radius. This time the same input force yields a much smaller rotational velocity, with a much higher linear component. After a few doublings of the radius, the curvature of the disc starts to disappear, and your rotational force can basically just be expressed as a linear force. If rotational force forces can be equated to linear forces so easily, then they must follow the same laws. If you can't picture this, look around you. The Earth rotates about its axis, and around the gravity well of the Sun. Despite this, we observe these giant scale torques as a linear force.
A Perpetual Motion machine. 
I said it involved perpetual motion.