This has been discussed in another thread in the past (about the same clip, funnily enough). I don't think that the strings are actually doing that; I think it's a strobing effect/interference pattern caused by the refresh rate of the camera system interacting with the strings' frequencies. The effect varies from string to string as the different frequencies interact numerically (ie, in/out of phase, qtr, half, full etc wavelengths) with the scan rate. This also explains why we can see the effect at 'normal' speed (as opposed to slow motion).
You can duplicate the effect by looking through your vibrating strings at the picture on a cathode ray tube (CRT) TV (I haven't tried it with an LCD or plasma); our Australian PAL standard refreshes at 50Hz, so the effect worked for me around multiples of that.