It seems pretty simple how they do this. There are a BUNCH of jets and a computer is controlling the timing of when and how long each of them shoots
water. Synchronize and time perfectly and it results in this show!
Couldn't that be done with some kind of projector shining through the water droplets? That was my sons idea of how it could be done anyway. He says
you can make a 3d person with projectors and smoke, like anime.