Spinning Image effect.

How is this spinning effect done, is it a plugin or the actual camera rotating? It can be see from :30 to :35

I think it's a camera work… You could try shooting your subject in HD or higher then edit in SD applying the rotation to the clip without loosing quality (in FCPX select clip and choose in inspector SPATIAL CONFORM - NONE to keep the original aspect and size in a PAL or NTSC SD project)

You could do this in an HD timeline easily by keyframing the Rotation parameters. You'd have to enlarge a tad to keep the edges covering the frame. And I don't think you'd have to enlarge it enough to lose any image quality.

How do you turn on the HD timeline?

Um, it is in the settings. When you create a new Project, you can select the frame size and rate. Or have FCPX adjust it automatically according to the first video clip you edit in to the timeline.