Something of that complexity would have to be Flash, you could do something simplier using animated gifs and javascript, but it probably wouldn't look nearly as sweet.
Actually in retrospect I guess it would be possible with Javascript... All you are doing is panning around a picture and fading to another one... I haven't seen anything quite like this online, but it might be worth checking out these sites.
1012 + Ajax/Javascript/Dhtml examples and demos to download
A quick search revealed this but it's a bit naff by comparison
Transitions