Did you try stepping through it in non-realtime? I just now converted a section of it to 2fps, changed the brightness and saturation, and did some sharpening in VirtualDub, and it still looked sort of fishy, but I may be giving them too much credit on the automated effects thing. It could just be a standard dick lens/AR stretch combo.
If you watch the right hand (the one that moves most), it looks as though it's holding something of a much lower girth than what the shaft looks like when it's revealed, and it stays that way as it moves down the shaft. The thicker shaft just seems to inflate out of nowhere sometimes. The area where it enters her mouth is the same way. Something about her head and face just don't look as if she's swallowing that whole long, thick upper half of the shaft you just saw, and she keeps her right hand constantly over the entry point as if she's hiding something. The fingers on that right hand also occasionally look "pinched" vertically, which doesn't mesh with the elongated vertical stretching in that area.
Again, I could be overestimating them, but this is definitely a fun one to pick apart.
