I don't think Christmas lights are particularly heavy on wattage. If they decided to put flood lights all over their house then it'd be a drain but regular bulbs are pretty efficient. I'd say that the time and effort in setting it up is much more impressive/retarded/wasteful than the bill.
Someone who has the money to set up such a lightshow doesn't give a fuck about his eletric bills, I guess. Awesome video, looks edited though.
Which one? :?
Because I know the TSO House isn't edited. There's a radio tower you can see in better versions of the video which is blinking at regular intervals. :P