It's straight out of the "In My Element" album I posted on the "3 albums" thread. It's a very comprehensive blend of Hip-Hop and modal jazz in a trio setting (piano, bass, drums). This seems to be one of the directions that jazz as a whole is moving toward.
If you listen to it, be sure to listen to it from beginning to end. He likes to start and end a song, and then on the same track, start up a separate segment of music that is based on the song that was just played. For instance, in this particular video, he plays through "F.T.B.," and at the end there is an additional music segment where the beat is the same, but he plays something entirely different over it. I like to call these "jazz poems."
Metheny is definitely an artist any horizon-expanding listeners should check out. I have a Michael Brecker (sax player) CD, playing with Herbie Hancock and Pat Metheny. Metheny's just got "that style," you know? It's not "out there," but it's quite the trip. I think the best description I've heard of his playing is that he's a "deep" jazz player.