Well he's playing samples (obviously). The sample is made up of different layers; there seems to be a layer for power chords, pinch harmonics, leads, portamento (sliding) leads, speed picking, and the upper part of the keyboard is zoned for special effects (pick scrape, trem effects, etc). Watch what his left hand is doing - he's triggering the different layers as he needs them. The mod wheel looks like it's used to pull up vibrato, and the pitch wheel is for bending.
It might be easier to play that on a keyboard than it would a guitar, but it does take a certain degree of talent to do that.