Update 11/30/10: It's a fake. Mashable reports Frank popped the question according to script, if Kasey didn't catch the ring they'd have tried again another day. It was an attempt to create a reproducible formula for making viral videos.
On October 24th, after a two year relationship, Frank decided to propose to his girlfriend Kasey in romantic Central Park, found in the heart of New York City. Lots of people have done this, but never as geeky. Frank got a bunch of techie friends together to pull off this one-take event. Employing musicians, playing Kasey's favorite song, a famous bridge, a rowboat, a bunch of iPhones running custom apps and a MacBook Pro to mix it all together, Frank popped the question.
The result was a big "Yes!" and a video that looks like it came out of the credits of Trainspotting. It's a fun three-minute watch which raises a question: what would have happened if Kasey didn't catch the ring?
Update: They would have tried again the next day.