Well...note that this hand happened early in a tourney. Now I don't know for sure but if it's anything like tourneys now-a-days...they start off pretty deepstacked...
If that's how it is then I think Phil should fold. He can chip away at people and take the small pots...he can play a big pot with the nuts...but why take this small advantage early in a tourney when you can easier just chip away at people and avoid big pots?
Also...the reason Phil is such a good tournament player is because of laydowns like these. In order to win tourneys...you need to pick your spots and you need to pick them very well. He is very good at makin these laydowns and makin them look easy. In cash games...you can just call..and if you're wrong...reload.