At the start of the Cataclysm beta Falstad Wildhammer was not present in Aerie Peak. This point was raised by a Blizzcon 2010 visitor during the Lore panel. The question baffled Chris Metzen and the response was to fix this error. The person pointing this out wore a distinct red shirt and was therefore named "the red shirt guy" in the YouTube video. The Wildhammer Fact Checker is an homage to this Red Shirt Guy as the NPC prominently wears a red shirt.
When asked about the NPC on the official forums, Valnoth responded:
The Wildhammer Fact Checker is one of the NPCs that walk the midway at The Darkmoon Faire.