Shouldn't this thread have been moved to Turbo/PCE Game/Tool Development, since we're talking about this being developed for PCE?
Yes, but this demo fit into 8 mb, and it decompress each frame on the fly ..
What's resolution is supported by HuVideo 
I doubt that it can do a 320*224 video at 30 fps ...
All videos i have seen about huvideo, is near of 256*96 at 10/15 fps max .
Like I said, HuVideo isn't a PCE fmv format so much as a SCD streaming format. I believe that it's bottlenecked by the CD-ROM speed as much as anything. It's done full screen video by doubling the height. HuVideo might still be good enough if someone could program it the right way, since that Genesis demo fills most of the screen of each frame with only two single (visible) color tiles, which should take up much less bandwidth than 96 unique detailed and colorful tiles per frame. If this is the case, then the Sega-CD should be able to do it too.
The PCE is supposed to be technically faster at animation than the Genesis and is about as powerful. The only limitation for doing this as a straight rom would be if this could somehow only be pulled off by dual tile layers or if bank switching would hinder it. It might end up being more or less than 8MB, but it's not exactly the same hardware so it won't be
exactly the same, no matter what.
Anyways, potentially self-imposed size limits aside, here is something very similar without sound, but much more color and detail:
It's only a matter of who is both qualified to pull it off on PCE and cares enough about this exact same thing to recreate it.