How can a similar effect to the one seen here be obtained? I was re-watching for the upteenth time this video.

10 seconds in, when they start performing, the effect I would like to talk about is evident: the band members seem to move as if the video was sped up, yet their movements are in sync with the song (look at the drummer and most noticeably the singer lips).

It does not seem to me that they where filmed at a lower speed (i.e. also the song was being played slowly), so I am wondering, how can such an effect be obtained? Am I mistaken and the method is indeed the one I am discarding, or is there some more clever video editing process at play here?
It looks like a mix of factors to me.  Certainly re-timing (speeding up and jumping frames around) is a part of it, but mostly, I think they had a lot of wind on a green screen and then cut it over an environment where it doesn't make sense.  It's hard to tell how much the excess blinking is the wind and how much is re-timing, but some of it does appear to be retimes.  They vary the retiming of the composited content while keeping the background constant though which gives your brain less to latch on to.

As far as retiming in sync with the music, there is an easy trick to pull that off for songs.  You simply slow down a recording of the music by the desired amount and have them play along.  When sped back up, things match perfectly.