If you look at this shot from another angle, you can see that the tip did not really gough the cloth on the table. This shot was clearly hit harder than Larry's XBreaker1mm shot, since the cue ball jumped way higher.
http://www.youtube.com/watch?v=6QOm_Y7nYTM
There was a white dot left on the table after the shot was performed, much like the dots one sees along the break line going from the side rail to the one ball. I believe that dot was formed by the cue ball, not the tip.
I was the one who recorded and posted the 1mm jump video a year ago. When I asked Larry how he did this shot, I remember he told me the key was to find the sweet spot on the cue ball. From what I understand, this spot is very small but it is there. If you hit too close to your body, you will miscues, hit it too far you will trap the cue ball from going up. Once you find that spot, you need to hit the ball with a snap, let the cue gets out of the way of the cue ball so it will jump up.
Of course, a very "hard" tip and a very light cue will help because it allows the cue to rebounce quickly. A tip which holds chalk well can be a benefit as well.
I could be wrong, but I think he was holding the cue at almost 90 degree, so there was a bit of forward vector with the hit he exerted on the cue ball, which makes it physically possible for the cue ball to jump up and move forward. There may be more than one way to make this shot, perhaps using a bigger than 90 degree angle is another way; I just do not recall seeing Larry do that.
I also saw another person made this shot. The way he did it was to hummer the cue down on the cue ball with lots of follow through. The cue tip went all the way down on the cue ball, follow through, and hit the table. His tip never rebounced from the ball.
The shot was made, he also successfully jumped 1mm. Nevertheless, his method would clearly rip the cloth.