This effect is an old demo coders effect which has been used plenty in Amiga demos and was also simply called Zoom Rotator. I saw it first in an Amiga 500 demo by Sanity where it's coder Chaos did an incredible job making it realtime in fullScreen. The image shown was just a text saying 'Amiga Rulez' because the demo entered a competition held by Commodore at the World of Amiga 92. Later many extensions to this effect have been made such as making it rotate around 3 axis instead of only one like the original effect.
