Is this using an old/slow method of drawing to the screen? I'm curious as to why the colors seem to "come down" from the top. They should appear instantly. Smoother/faster results can be achieved in just userland browserhax without any kernel exploit.
Another thing is that it seems to repeat colors, which is something that I don't believe happens on the 3ds when hax is activated (as each color means a different step in the exploit chain).
Just observations though, I can only speak for what I know. I don't believe these minor things would be capable of discrediting anything. Friendly reminder though that this video of the 5.5 kexploit (by @Mathew_Wi) was posted three months before the 5.5 leak (not release).