I've been told that the suspending that you're talking about isn't very painful as your weight is spread out over the piercings and in some peoples mind is really fun. To be honest it does look rather scary to see and your skin does stretch a lot during it, but if you want to give it a go why not, just make sure that it's a professional suspending you or it might go very wrong.
I used to live a rather...unusual lifestyle and have seen this done. It was interesting and scary at the same time but the people that I knew that did it said it was quiet freeing and relaxing.
theres a documentary out called Modify which covers all kinds of the extreme aspects of body modification including suspension. it is NOT for the faint or weak stomached. there are some pretty graphic scenes
i personally want to try it should i ever make it to an area where its something i can try.
I also tried this school suspension thing DM and Sitting are talking about. sweet three day vacation at home.
and regarding the video clip- I don't know the circumstances behind the guy who fell, but the "partyesque" atmosphere of the video leads to indicate that he may have been drunk/impared. Suspension can hold lots of weight, there are even "tandem suspension" acts where one person while suspended, suspends another person. But all the jerking around he was doing coupled with his weight, doesn't lead me to any surprise that it went badly.
Can I please just add that it is common practice among piercers to suspend themselves like that. It's not a hardcore BDSM thing at all. In fact it's rarely ever associated with BDSM from what I've seen of it. It's very rare that you'll ever see a sub suspended like this. Please respect that and realise that it is not in any way shape or form related to BDSM. It is related to professional piercers.
I have been suspended by ropes (no piercings). I really enjoyed it. It felt very liberating.
I used to know someone who was really into suspensions and scarification. He loved it. To each their own.
Too funny! 
