The idea is that consciousness is a single integrated entity that is aware of a huge amount of well-integrated information. That's what the Phi function is about. Phi is a value that gets higher the more such information is available to a single integrated system. The value of Phi can be low for a huge amount of information that is randomly connected. The information needs to be integrated is special ways, in addition to be plenty, for the value of Phi to be high.
I did not see the whole video, yet. But, based on my estimate as to what he is getting at, so far, I would respond this way:
At best, what he could be measuring is how reliable the information we are conscious of is, against the actual outside world around it. I do not think this approach can measure consciousness, itself.
Most of the filtering and such you are talking about does not go into conscious awareness.
Our understanding is no further along, nor our capabilities, than they were in my day.
I don't think this assessment is fair. We have a LOT more understanding about how various classes of AI work, such as neural networks, evolutionary algorithms, etc; and many more ways to work with them, and combine them, etc. We can devise ways to get AI working in ways similar to our own brains, at least in an abstract manner, and we improve upon those over time.
Is this enough for Strong AI? Probably not, yet.
However, there is no indication such a thing would be impossible for computing machines to have, yet, either. Until such a principle is discovered, I think the
better attitude is to just keep trying! The more we learn about how consciousness works in the brain (and there is some science starting in that direction), the better chance we have to work out what to put into the computers to achieve the same effect.
I don't think Watson qualifies as anything close to a conscious machine. But, the claim that we are "not further along" than in your day, does not seem to be accurate.