There is no doubt this a hoax, but it's a nicely made suit to be sure.

I agree with the other folks who've posted regarding the reasons for it being an obvious phoney - staged scene of the guy drinking along with all the other imagery before that being essentially meaningless filler in the full version. Most tellingly though, there are the stills on their website - no way in heck those were shot in a hurry during that same encounter. Those are calmly orchstrated set ups and each is quite obviously staged and then thjey reset and shot some more in a new situation. If this were real, I'd expect to see loads of very similar images all shot in close succession - not loads of different ones showing of your cool monkey suit. The biggest alarm bell is the artful b/w one of the critter looking out from behind a bush. The video shows the thing make its appearance and scare mister Drinky Water Guy off his perch, then it runs away. When exactly did it stick around and strike all those lovely poses for the various cameras that they took turns geting out to shoot stills with?
The creature appears to conform perfectly to the proportions of a human in a suit of course, but it's still nicely done, with extra padding round the shoulders and long hair on the arms to help create an illusion of greater length. Kudos to the guys who did this for the quality of their work and to whomever put on the suit and ran around out there. I'm just thankful it isn't being taken seriously or strongly pushed by anyone as legit - we can do without another Georgia.
Pure BS - nice looking pure BS, but BS nonetheless. It's a half-hearted hoax to show off their film making abilities. All power to them.