I would say there is a lot of movement in that swing. It's ok now if he's comfortable however, when he begins to see more velocity he will need to tone it down to make sure he can efficiently and consistently get a good load. May experience some timing issues otherwise.
I do see one thing you may want to work on now. Take a look at the clip I've slowed down quite a bit. As you first see the hands come into the zone you'll see that his top hand elbow is leading the way in front of the knob. This is what is referred to as bat drag. Tougher to hit inside balls with authority, especially at higher speeds. You want the first movement with the hands to be the knob coming back at the pitch. Notice how the hitter in the clip after your soon moves his hands into the hitting zone. The knob of the bat moves ahead of the elbow. This is called bat lag. Creates lots of bat speed and the ability to hit more pitches with back spin and pop.
http://www.youtube.com/watch?v=vutqrvnPB1IHope this helps.