It looks like it's properly calibrated (although it's true that there's no second orange-blue flash), from the ending of the video you'd just need to reset the copter's power again with the throttle down to be able to arm it.
What you see at the end of the video (powering the motors) is not them being armed. Once you reset the copter you'll see that pushing the throttle up will do nothing until you do arm it (left stick to lower right, wait a couple of seconds). When the motors are running with the throttle down, then it'll be armed.
The behaviour you see is the intended one, so you can check the motors respond correctly after calibrating them, not for flying.
