On the contrary, this is a pretty bad impression of Wakamoto Norio, imo. Then again, his style is based on trampling all over the even timing of Japanese, as well as his flights of fancy along his pitch registers. It's sort of hard to do either when you're limited by the rhythm and melody, respectively, of a song.
Then again this guy didn't even try to do the melody, so that part isn't possible to just shove aside :P