I didn't watch the video from the youtube site, just through this post, so I didn't see any of the comments.
Yep, that is all there is to it. If you happen to be at an airport and have those ratings, there is nothing stopping an aircraft owner from approaching you and saying "hey, I need a co-pilot today to go with me and my family to XXX, you interested?" All you have to say is "lets go do our 3 take offs and landings and yes". Of course the reg says you ALSO have to be familiar with the systems and operation of the aircraft, but who's to be the judge of that?
Sorry if I came across as being harsh. We all know better than to assume things when it comes to accidents (the recent Hawker crash and discussion comes to mind), and its also not a good thing to presume that a pilot is not qualified to operate an aircraft based on what you see in a video.