QUOTE
Nope. It pretty obviously drops an octave. It follows a certain scale rule, where an octave drop for the ending note sounds natural.
It tries to fool the casual listener with some harmonics in addition to the base frequency. But a regular synths player is harder to deceive
Yes, the thing indeed doesn't work perfectly, but it is an ingenious little idea nonetheless. Unfortunately, you wouldn't know what the "idea" behind this thing is, unless you understand German

. Well, I do, so here you go:
What they are trying to do is basically this: You start off with a tone that contains a base frequency and a lot of overtones, all at the same amplitude, for example 13.75, 27.5, 55, 110, 220, 440, 880, 1760, 3520, 7040, and 14080 Hz (it is important to use a lot of frequencies). Then you increase the pitch step-by-step, i.e. you multiply all the frequencies by 2^(1/12). You repeat this twelve times, and then you arrive at basically the same tone you started with. 13.75 Hz has become 27.5 Hz, 27.5 Hz in turn has become 55 Hz, and so on. The only differences in the resulting tone are, the lowest frequency is missing (which you won't notice if you started of with a sufficiently low base frequency) and the highest frequency has gradually increased to 28160 Hz (for the example above). This frequency, of course, is far too high to be hearable. So the final tone will actually sound exactly the same as the first, although the only thing you did is increase the frequency continually. This might appear paradoxical, and that is the reason why the effect can be somewhat surprising at first listen. They don't try to "fool the casual listener". The thing really just does exactly what it says it does, it steadily increases the pitch. No trickery involved.
However, on that webpage, they probably didn't use enough overtones, so you can definitely notice that something is missing when you switch from H1 to C2 (well, at least if your high frequency hearing is ok). So I have made some files myself, employing the same principle, but using more frequencies and a sine sweep instead of single tones. They are a bit more disturbing than the example on the webpage. If anyone's interested I can upload them.
edit: Ah well, looks like SoundJudgement came in first.