So that's... ruled not a strike, correct?

Good question. Here are the rules:
"
6a. Legal Pinfall
Pins to be credited to a player following a legal delivery shall include:

Pins knocked down or off the lane surface by the ball or another pin.
Pins knocked down or off the lane surface by a pin rebounding from a side partition or rear cushion.
Pins knocked down or off the lane surface by a pin rebounding from the sweep bar when it is at rest on the pin deck before sweeping dead wood from the pin deck.
Pins that lean and touch the kickback or side partition. All such pins are termed dead wood and must be removed before the next delivery.
No pins may be conceded, and only pins actually knocked down or moved entirely off the playing area of the lane surface as a result of a legal delivery may be counted."

So....I am not sure if it is considered down since it was moved off the lane surface and then ended back on the lane surface.

*timeshift

Adding video to channels (Timeshift) - requested by brycewi19.

ruined with editing imo

The source video says: Competing in the World Bowling Men's Championships in Abu Dhabi, UAE, Team USA's Bill O'Neill threw what looked like a perfect strike. However, one the pins bounced around and stood up in place, making it the strike that didn't count. Instead, O'Neill had to shoot the spare, which he made.

So it appears it counts as a spare.

ruined with comments imo -- jk! <3

ruined with soundtrack imo (not even ruined just more annoying)

If they didn't sabotage the video, your questions would have been answered. The pin would not have been picked up by the pin carriage and thus swept into the chute resulting in a strike.

No, the pin would have and was picked up. He had to shoot a spare.
http://videosift.com/video/Strike-Or-not#comment-1827682