Oh I see what they did... It's not hologram, they just added a real life rotation. This would be extremely easy but would take awhile to create. Basically you make a 3D model for example say you made a 3D mario similar to this one.
Then you give the user the ability to rotate 360 degrees every direction. Then it would seem 3D, then you add the effect that things are closer and farther away. You take an image make it bigger and when you rotate around the X axis (Horizontal) it will show the current character. In this case it it mario to the side of the closer object.
Least thats what I assume... Took me some time to right this =P
http://www.youtube.com/watch?v=GYnyBxVhK_c
That video has hot blondes at beginning... I like!