So...I see (literally) no difference in 4.2.3 LTS between any of the modes (outset, individual, relative, even) on inset.
And it gets zoomed past in the video pretty quickly. What should we be seeing?
It's ok, it's just a Blender Basics, not s super in depth exploration. For an in depth plunge you can watch the Mesh Modeling Fundamental:
https://cgcookie.com/courses/core-fundamentals-mesh-modeling
As you get more and more comfortable with modeling you'll understand the differences much more clearer and as you use the tools more and more. But keep in mind in Blender and 3D there's a mega bunch of options for doing the same thing and you end up using 2 or 3 of those. So don't worry too much right now about the over abundance of information, when it comes to going hands on you'll start to parse out what you need more often than not.
I'd give you an explanation of those differences, but I bet the other guys will. I'd say though that more importantly is to go hands on with Blender right away and try it all yourself. Also what always helps is to see the lessons twice or even three times after you have tried things out, after seeing the lesson again it'll click more easily in your head after having made all the mistakes.