The game is really cool, surprised it hasn't been done before. (And Paper Mario isn't exactly what this is.) It could make for some interesting puzzles and reaction sequences having to do things such as flip whilst in mid-air.
If you check out the other links on the side, you can see some more previews. One of them clearly shows being able to rotate the camera as you please, although you aren't able to move while doing so, it's more of a 'look around' thing.
And if anyone has seen the other one, did you notice the bad translation? (Or the bad english, if it was made here.) Maybe I'm just seeing it, or hopefully, and most likely, they aren't done.
Definitely a must play for me.