From what I am able to understand:
Spectacle is computer art that is technically proficient, aesthetically pleasing, and made for consumers.
Speculation is art that is aware of its limitations and materials and uses those to create self aware work that usually engages broad non-art related issues.
The first thing I thought of when Warburton started to discuss spectacle art was the iconic Gatorade water ad. It's brought up again and again in different classes over the years, but it is... nearly 100% spectacle I think. It creates animation in such a laborious and complex manner that emphasizes the technical brilliance that it required. It brings all the attention to how unique and beautiful the end result is, and how it was done in a superfluous manner. It very much reminds me of the commercial that he shows in the beginning of the video. The same result could have easily been achieved using CGI, but instead they used something experimental. In terms of not being speculation, it doesn't really represent or deal with any sort of issue outside of itself, exploit the materials or techniques used, and was definitely very expensive to make.
I had a difficult time figuring out exactly what each scale meant, but this is my guess for the ad. (Like, doesn't surplus and waste essentially mean the same thing...I'm not sure).