It's something I would like to be able to do someday. I have the basics down, but would never attempt it outside of an enclosed space. The largest area I've ridden bridleless was a 5 acre pasture, and it was nothing fancy, nothing more than would beexpected on a trail ride :) But I can go at all gaits, trun, stop and backup. No flying lead changes or beautiful reining patterns like the video above.
A good solid stop cue from my seat did save my butt once though, last summer actually. I was riding out in the mountians and my bridle broke (where the bit attaches and my mare spit the bit out as we were walking along. My first instinct was to sit back and say woah. I did and she stopped.
I borrowed a zip tie from my riding buddy and kept on going. Sure was glad I had practiced that at home ;)