While Trapcode Form is cool and deep, a poor man might approximate this effect by finessing built-in AE filters, easier said than done with Ball Action (with Brighten Twist) and some tinting & maybe displacement. On another tangent Toolfarm has a nice older tutorial by Harry Frank called "Rippling Circles" that uses Ball Action and other Cycore plug-ins.
Update: Form Face: Judgement Day… er… Part 2 is available.
Update 2: from India's Festival of Colors:
Update 3: the Maltaannon tutorials made it onto Adobe.TV, where you can see them in HD. Here's a baby part 2 Episode 12: Form Face - Part 2:
Update: the blue must be doing a number on the senses, since this stuff doesn't seem that different from Ball Action plug-in stuff as in 3D Ball Dispersion with CC Ball Action,
or Audio Analysis in After Effects by Satya Meka, done with built-in tools,