A few things I'll mention; one, this was a very poor quality video and it did a poor job of showing the whole picture here. As was mentioned above, this video doesn't give us any idea of what was going on in the immediate area while this "demonstration" was taking place.
Two, the cameraman stepped into the "line of fire", rather than the gun being intentionally (or even recklessly) pointed at him. That said, it appears that the direction the gun was pointed in at the time was a poorly chosen one, at best.
Three, the overall handling of the weapon (as much as can be seen on the video, anyway) appears to be complacent all the way around. Shooting at phone books that are literally at your feet while students (presumably) stand just a few feet away seems like LESS than a good idea to me. Furthermore, once the last shot was fired in the "demonstration", the gun seems to have been haphazardly placed into a position that looked neither overly safe or secure, and at no time was the gun condition checked or made safe (at least, not that you can tell from the video).
Four, instructors are human beings and are fallible. They make mistakes just like everyone else. That said, a firearms instructor can ill afford to ever muzzle a student with any firearm, regardless of it's condition. Your credibility pretty much goes down the toilet at that moment, even if nothing bad happens from it. The first rule of gun safety is to ALWAYS keep the gun pointed in a safe direction, and it simply must be observed at all times.
Five, I am inclined, at this point, to give Mr. Canovi the benefit of the doubt here based off of the fact that, as I mentioned above, the video doesn't give us a complete perspective of the situation and the cameraman obviously walked into the line of fire. The only side of the story we are getting here is a very narrow part from the poor quality video. I believe we should give Mr. Canovi the chance to respond and tell his side of the story before anyone condemns him based simply off of this video.