Well that was no ComaLand... Apart from the 3D flying I've basically seen all those type of effects on the C64.
The Mode 7 mode is easy, it repeats, so all you have to do is repeat a char square and then plot a piece of it into the chars. yes, lots of look up tables, pile of speed code but nothing that is too crazy. To do the rotate about the X you basically line crunch/line double your way down to get the compressed/expanded effect, which we could do in HDMA
The 3D part, you don't plot a bitmap, that would be crazy(Does the MD even have a bitmap mode?). Any large block of single colour is just a 8x8 tile right? So then you just need to worry about the tiles that are on the colour edge. There will be N combinations for the most part, when you get to the background parts, the further away the less pixels that change. So you put the edge cases in some chars, then you keep a bunch of tables which tell you which char you need for whatever camera angle. Then you use the 68K grunt to draw the spaceship, there will be a pile of optimised 68K 3D code from their Amiga demos, again lots of fancy lookup tables, speed code etc I mean we can get a wire frame that is about that may vertices on a C64, filling it shouldn't be that hard to do with the 68Ks grunt. You could probably do the background angle changes with clever pallet set-ups, then you put near ground objects on their own "plane" which you use to shift it around, letting the solid green grass fill in the gap as you just have to update its tiles and not the Screen Defs. Then the ship is plotted in Sprites.
If you want to see how some of the effects work the C64 versions are document here
http://codebase64.org/doku.php?id=base:demo_programmingPAL machines are the best versions, NTSC is for lamers

Just think how much better looking games we could have had if people made proper PAL versions...