I finally ran the video through Transcribe and slowed it waaay down. One minor confusion is that in the demo he frets measure 3 with the index and middle finger (the lesson uses M and R), and it almost looks like there is a backwards slide on the 2nd string going into measure 4. The finger might not be making contact with the string during the motion though, and I assume the fingering is just how he happened to learn to play it but doesn't really recommend.
Playing together at 40% speed (best as I can manage at the moment) it certainly sounds very close. Maybe I'm just plucking the non-melody notes too hard, or the backup music is making me imagine extra accents. In particular, one between the 3rd and 4th measures.