According to Modernist Cuisine, the two main benefits of decanting are oxygenation and outgassing. Oxygenation is when air dissolves in the wine, while outgassing is when dissolved gases and compounds like sulfur vent into the air. Both of these phenomena improve the flavor of the wine.
Yesterday I tried this technique of hyperdecanting wine using my Vitamix, and I have to say I was really impressed. We opened up a rather young (2010) Spanish red wine made from Garnacha grapes by the Tres Picos vineyard, tasted some, and then poured some into our Vitamix to hypercant. After giving it a whirl for 30-60 seconds, we tasted some of the hyperdecanted wine, and there was a noticeable difference. The hyperdecanted wine was much more mellow and incredibly smooth. This is definitely a trick I'm going to use from now on when drinking red wine.