This swarm technology is pretty cool, and that aspect of the project has merit. However the idea of using this as a mobile aerial display seems like super over kill. If each unit is a pixel or a few pixels, you need hundreds or thousands flying all together, and able to hold station in the wind, imagine recovering them all for charging, loss from crashes...etc.

If you want a mobile aerial display it would be much cheaper and easier to do something like what was used in the opening of the Winter Olympics. Large hanging matrices of LED's. For bonus points use several in a stack to create the 3d effect. Hang all of this from a remote blimp, and you have a much cheaper, less technically challenging and stable platform for an outdoor aerial display capable of 3d images.

http://www.exoticlights.com sells a flat flexible animated "Linux" lamp. It is made from electroluminescent material. It has a 5-channel controller that runs multiple animations. It is absolutely not something your favorite geek already has. You could add it to just about anything.