It's weird in the video because you see everybody from all 4 directions come into the center and more or less stop. It's like the majority of people don't realize that you can walk right over the paint lines to where you're going, instead they all walk straight into the center and get stuck. Then again, I can think of far worse intersections here in the US, but they're not usually brand new like that.
For the amount of money that looks like it was spent on designing this intersection, one would think they could've just built a footbridge that connects to all 4 corners allowing pedestrians to cross without ever stopping the traffic.
In the link in the OP, there's a video showing the intersection, I noticed that the volume in the flash player not only shows the number, but it goes up to eleven. I wonder if the web designer at the BBC that created this player was a Spinal-Tap fan