Loose Rivets, the time scale may be a bit distorted, but you also have to take into account several factors before getting too critical of the crew. First of all, watching the video you are fully briefed as to the scenario unfolding, so you are seeing things that confirm exactly what you expect to see. The crew see some different things but they also confirmed what they expected to see i.e. an on slope indication, a good capture of the slope by the autopilot and a good ident. They did the right thing I think by getting the energy state under control first and this obviously was a distraction to the events unfolding. I think the majority our first instincts would be to get to an energy state where we can start configuring. Once this was under control and the Landing Checklist completed then they got back to cross checking the approach. As soon as they became aware of an anomoly they called for a go around. There were other contributing factors to the situation; black hole effect on the approach and this was all going on about 2am when none of us are at our sharpest even in the best of situations.
Maybe things were not done perfectly, but you must give credit to the crew and the airline for doing their best to make the event known to others. I think many do trust the ILS too much and if this sows a seed of doubt that helps prevent another close call then kudos to them.