Hello Patrick,

Glad to hear you purchased Spine

I tried doing a quick mesh setup and a sloppy paintover to give you an idea of how I would do it.

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I would separate each of the large elements of the image into seperate images and then use skinning to control the deformation. Any element that can be cloned or mirrored I would then make sure I mirror so it keeps the Atlas Texture size down. For example, the area I marked as "A" could be duplicated and then the mesh itself scaled -1 on X before attaching it to a bone.
I don't know exactly how much mesh definition you need, but if you notice that I sorta "branch" the bones out on the tall element on the left side, if you do something like that, the mesh would need to be more detailed than what I've done here.

You can check out this video I made recently http://youtu.be/RpVMiUC8Ewk on how you could maybe achieve what you are looking for, it's a bit similar.

I hope this helps. The video you linked looks really nice, love the style!