What's this called

What do they call what the very first guy is doing in the video?

Except when he gets on the handstand though, only that spinning stuff.

thomas flairs with spindles (where he counterturns while circling).

Blairbob said:

thomas flairs with spindles (where he counterturns while circling).

Thanks man, that move is so cool, I want to learn it bad.

Are there any pre-requisites you should be able to do before doing this? Or is it just technique and not dependent on strength and things like that?

Bucket circles, circles, flair (obviously ha). Ag walks help as well as manna and planche work although they are certainly not a requirement. Get a bucket and mushroom or build one and start practicing those circles. Coach has a nice article about them in the dynamic section.