Is it really possible for water to be held in a "cone shape" for a brief period of time?
Let's split up the forces, it gives an easier view on what should happen.
Horizontal Forces
What we see is a centrifugal force.
Centrifugal force (from Latin centrum, meaning "center", and fugere, meaning "to flee") represents the effects of inertia that arise in connection with rotation which are experienced as an outward force away from the center of rotation
So, outward force away from the center of rotation. This means that the water would only be able to appear in place if there is a force in the opposite direction, which is known as friction. Where is the friction if you take the glass away? There is no friction anymore, thus that video shows special effects. ;-)
Vertical Forces
There's also the gravitational force. What would keep the water up so long? Nothing.
Furthermore, if you look at his other videos, you can confirm it's CGI... :-)
No, It was CG. The video-maker himself said it. Here: http://forums.cgsociety.org/showthread.php?t=957350
Its a trick. There are 2 vessels:
the outer that we saw, and an inner one, transparent and soft. Stopt it at 1:48 you will see the water move out from the bottom. Under atmospheric pression the vessel merge down. The image after this moment is truncated and we can not see the remnants in the table. The water was previously set in rotational motion (before the image restarts after those words).
added:
It is not needed to explore the inner characteristics of the inner vessel but I will try. My first tough : It can be a soft plastic bag. My second try: It can be made of ice. But I suspect it is not so. Rinse the interoir of the vessel, then fridge until ice coated. Rinse again, and repeat,...or two equal vessels one inside the other separated by water and fridge. Now, with the tiny ice coating prepared. Rinse the exterior of the vessel with warm water. Wait a little and the exterior will be decoupled from the interior vessel. Start the show
added again, my final conclusion
It is a soft bag. The rotational effect is really need to keep the vertical wall under more tension and will prevent the object from immediate collapse. The centrifugal force will add strength to the vertical wall and the vertical component of force will be lower. If it was the icy vessel the rotational effect was not needed.