Spectacle is when a medium is used to show off the latest software, often by large companies and in advertising.
Speculation focuses not on craft, but on the relationship between technology and art-making, often in a way that is meant not to be visually appealing but conceptually interesting.
The project A Hole in Space is one that I think could be argued as both spectacle and speculation, and for that reason I view it as sitting somewhere in the middle. It absolutely has elements of being a spectacle - it is showing off new, grand technology in capturing and broadcasting video in a way that is meant to be technically amazing to the viewer. However, it also has elements of speculation, where it is commenting on growing technology's ability to impart a sense of togetherness and to make the world a little smaller. This is something less about the technically impressive aspect of the project and more about what it is "about" conceptually.
This piece falls very strongly towards technological acceleration in acceleration vs drag, as it promotes a future with increased telecommunication capabilities. Clearly it is more about visibility rather than invisibility, particularly in the aspect that viewers cannot see themselves on the screens, as with a typical video-chat, but can only see the other city. I would argue this piece leans more towards surplus rather than waste, as it is more emphasizing the positives of the development of technology. Finally, I think this piece is exclusively in the category of art rather than commerce, as it was done unannounced with no brand, advertisement, or promotion of any kind attached to it.