That probably uses some automated stereo 3D toolset. not aware of something specific for AE, but there are some of those for Nuke. Not impossible to do in AE of course, but may require some masking to separate the elements and touchup of the backgrounds in PS to mend the resulting holes, then use a 3D camera with the items as 3D layers and create those pseudo-pans.
This is sometimes called 'The Kid Stays In The Picture' effect. It is also called 2.5d or camera projection. You can do it in a 3D app or AE. There is even a plug-in that helps automate the process in AE (I think from Video Co-Pilot) but it only works with some images. You can use the vanishing point tool in Photoshop to set up a comp for other images that make this effect work.
To get the kind of movement you see at your cue points you will have to separate a still image into foreground, middle ground, and background elements, project the ground plane on a 3D layer in some way, fill in the holes and then set up the elements in a 3D scene. The most difficult part in AE is projecting the ground plane (the race track at 1:24) because you have to estimate the angle of the ground plane and then to a perspective distortion of the image in Photoshop or use corner pin in AE to make the ground plane look right. Another way to bring in this distortion is to use light projection in AE. Once the scene is set up with the camera in the default position you simply animate a small camera move.
Video Copilot has a tutorial that may help.
Many thanks, this is perfect. Although somewhat a beginner to Video Editing, there's enough info there to help me with my first attempts at this. A quick YouTube for "Kid Stays In The Picture" yeilds a great tutorial. Will take a look at Video Co-Pilot too.
Many thanks for your help Rick, much appriciated.