Bad video and heavily edited. Hard to reach any real conclusion from that alone - especially with pausing it and shifting the audio track to exaggerate the time the arms were in the air.
In the first play through of the video (~0:10), the first shot is off before the guy's arms clear his shoulders. If accurate, I don't think the deputy could have registered "he's giving up" fast enough to stop his shot.
The second play through (~2:18) they have the sound muted and pause the video when the arms are at full extension, wait a second and then play the gunshots. If that version were accurate then it would be a much worse scenario.
Anyway, as I said, hard to reach any real conclusion (damning or exculpatory) from the video itself, however the witness who quotes the dead guy as having said "I've got a gun, the only way you're going to take is me is - you're going to have to shoot me," makes it sound a whole lot more like suicide by cop. The now dead guy was in an allegedly stolen car, took police on an hour long chase, proclaimed himself to be armed and that he was going to make the police shoot him. It seems that he decided at the very last minute to give up, but he hadn't exactly laid the groundwork for it.