When you fly formation your position should keep you out of the other aircrafts' wake. Formation positions are not in the same plane, but always step down.
Basically this video is just a bit of Airbus self promotion. Whilst birds do a great job of formation flying, and the drag reduction might even be real, I can see lots of issues to be overcome. Notice that the videos only depicted lovely skies....how would it work on one of those s****y nights over the Bay of Bengal? Manouevering one aircraft is hard enough at times, but a formation, with a bank limit that's likely to be in single digits would be a recipe for nasty weather encounters. Insurance might be an interesting issue to. Anyway, it would all require some Airbus software to work perfectly, and that only happens in media productions. Heck, I'd be impressed if they could even make an aircraft that looked like the one in the video.
The other item they mention, steeper climbs after take off, also comes with some issues. Firstly I can really imagine the passengers being impressed. The pitch attitudes of the more powerful aircraft (767s) already scare many of the passengers...something in excess of 45 degrees would be horrifying for most. Also, to achieve that sort of climb attitude means the aircraft has a massive excess of thrust, something which simply never exists. More thrust will equal bigger intakes/engines and these in turn are not needed in the cruise. The saving in climb fuel burn would never pay for it. As it is now, aircraft can save fuel by climbing at max thrust, but invariably, some form of derate is used. The fuel saving NEVER pays for the reduction in the life of the engines. Hate to see an engine failure whilst pitched up like that too.
Of course the counter argument will be that the 'software' will take care of such issues, but sadly about the first thing to always fail in any AB incident is the software.