I'm not understanding the "art" comments. This seems like a fairly straightforward documentary (at least in the sense that a skate video is a documentary, even if it is mostly a montage of tricks to music). Filming someone slam in the worst way possible and driving himself to a hospital doesn't preclude it from being an historical record. I am sure both Greco and the filmer knew it would make good footage, but it was still a real slam and probably a real hospital visit.
It may be a coincidence, but I'm seeing a lot of Lance Mountain BB Video Show influences here. If you've never seen the first Powell video (i.e., the first skate video ever), Lance "narrates" the film by skating throughout L.A. and running into different people or having flashbacks (cuts to different skaters' parts) after looking at Hawk's board in a shop or thumbing through a Thrasher left on the ground. Similarly Greco has his first flashback after being supposedly anesthetized, cutting to the Penny part, after crossing the viaduct near where Lance also skates. I can't help but also think that Greco skating his loft is an homage to Lance/O/Blender's Ban This house skating montage (and even more similar to his The Firm Can't Stop skit). Like BBVS, Greco also favors the urban areas of Downtown and Westlake, especially the CCW Courthouse with the quick-bust big spined quarterpipe.