Good to see yet another video, you're really getting into it aren't you?
This type of sparring I feel is quite usful in developing various skills, and is something I practice myself occasionally, even as an advocate of contact sparring. That said I do find contact sparring to be more usful in general, but non-contact continuous sparring still has it's place as far as I'm concerned. And if you chose not to sparr with medium or heavy contact I'd wager this would be the next best thing. Sorry, but the only name I have for it is 'non-contact sparring' so I can't help you there. Not sure if you're looking for internet analysis but I can't help myself.
My criticisms of this particular method are -
You don't learn to 'scrap', that being when stuff is somewhat less technical looking (emphasis on 'looking') *see bottom for my definition of scrapping*. Some people say that this is simply 'bad technique', I say it's simply an element of fighting.
Since this is clearly standup, you don't learn to avoid being taken down. Note I'm not talking about ground fighting, but rather talking about keeping on your feet.
You don't learn to deal with pressure in the same way contact sparring teaches you to. Or (obviously) to take a hit.
Those are just the downsides that come to mind, I'm sure you're already aware of them, but I figure they're worth repeating anyway. Keep in mind I'm not saying that this training is bad, everything has upsides and downsides, I'm merely indicating some of the downsides I see in this method.
*Scrapping to me is a skill that's hard to learn outside heavy contact sparring or going out and getting into 'real fights'. By scrapping what I mean is the things that go on that are largely uncontrolled, the things that can't be drilled (and sometimes just working your way around the fact that you haven't drilled certain things). I guess I see it basically as your ability to come up with a solution to unforseen problems on the spot without having to think. It's difficult to explain really, but say for example, you're fighting someone and, for arguments sake, you're worthless in the clinch, yet the fight is occuring in the clinch, the way I see it your a good scrapper if you can improvise in such a way to either gain the advantage in a position your otherwise untrained in, or find a way to get to a position that you don't suck at.