The cut on the side is to square up the tree and make it a little smaller, mostly a European thing. The cut in the crotch is a mistake I believe, but they do some goofy stuff sometimes over there.
For some reason it is not loading for me so I'll have to try later. I expect though that Andyshine77 has it pegged.
Never seen that technique, i almost fast forwarded it. I was hoping his escape route was well planned and the camera guy got the hell out of there in time. For the time it took to fell it i wouldve had a bunch of logs bucked already.