Paul Jackson Jr is a very accomplished session player, having played on hundreds on records for artists such as Michael Jackson, Daft Punk & George Duke. Check his exhaustive list of album credits here:
The video itself focusses on the following chord progression:
CMaj7 - Bb/C - FMaj7 - Emin9 - F/G - G
Mr Jackson then creates a guitar part around these chords, using intervals to create an incredibly creative and exciting accompaniment. This emphasises the importance of understanding the intervals within the chords and experimenting with them to create music.
This style of rhythm guitar does very much come from a smooth R&B/soul background, notice how he uses palm mutes and slides to add dynamics to the part, not to mention an incredible sense of sitting in the rhythmic 'pocket!'
This video is well worth a watch, as are other clips from his DVD, 'The Science of Rhythm Guitar.'