Type Fluid Experiment "A" from Skyrill.com on Vimeo.
Has it been done with a fluid Simulator (plugin) for a famous 3D Software or has the Fluid generation has been done with Real flow for Cinema 4d? Without complete knowledge of this trade secret there could be a number a programs used to design it. Three to be exact. Regardless it's a very cool effect. Check out the whole type range here.
Reminds me of the 3d typography computer modeling and printing done for this project by Postspecular.