Floater???

So I found this animation on Rhizome and after watching it, I hated it. I didn't like the colors used in it and the movement of the animation confuses me. I also do not like the way the creatures "eyes" don't match the rest of the aesthetic of the piece. The only description offered on Rhizome was "Floater is a chromakeyed apparition"... yeah, and that means what? I'm not sure what the artist was trying to express when making this. The only part I think is a little neat is the body used at the very end.

http://www.youtube.com/watch?v=NnLhHLcMy34&hd=1