Yikes, I've been skiing the past week so I'm just getting caught up on the movies...
I watched this several times. Initially I gave the skipper/crew the benefit of the doubt, as flying the spinnaker in over 14 knots apparent is marginal territory where s**t can happen to the best.
In case anyone's spinnaker employment may benefit I offer some opinions on the situation.
When flying the spinnaker in marginal conditions, the crew should be as far aft as possible to minimize burying the bow which can lead to a loss of control. Two crew should have been sitting on the stern.
Once the boat broached someboady should have blown the spinnaker aftguy which would have allowed regaining control and bringing the spinnaker down. You can alwys reset the sail if you still have the stomach. As far as I could see, neither spinnaker sheet was EVER released during the entire incident which meant the spinnaker was flying the whole time. (Don't put stopper knots on your spinnaker sheets so it will run out if released...) Not dumping a sheet led to the resulting crisises.
The spinnaker trimmer hauled in the spinnaker sheet by hand, getting between the sail and the sheet turning block and ending up with several armfuls of line in his lap. If the spinnaker had filled at this point he could have lost an appendage if not his head - always handle a sheet only from the working end, and use a winch if force is needed.
Taking five minutes to get back for the MOB worked out ok here but it isn't hard to imagine a different date on their calendar where it would not have...When the person went over, the boat should have been turned into the wind immediately and the spinnaker dropped on the bow.
http://www.ukhalsey.com/LearningCenter/mob.asp has some excellent videos on MOB that I found very helpful especially relatively to spinnaker drops.
YouTube has some other good sailing stuff like
http://www.youtube.com/watch?v=BmyEmcMS6F4