very cool

What kind of sorcery is this?

lol don't look at the dot and it goes coloured for a sec

It's because our brain tends to "make new things as known as posible". So, when the picture goes black and white, the brain try to make it real and uses the negative of the colors that were already shown (which are the negatives of the real colours).
It's the same explanation why you "see things with form of other things" (like clouds). That way it only has to remember a bunch of patterns instead of remembering everything as it is. :)

I can't get enough of this

This is so awesome

Yes!