HAHA...I'm guessing you're referring to shorter segments of time lapse than the example you embedded; at least, I really hope you are.
I, too, have gone the pitched and sped up FX route, I've also used low end whooshes and sped up traffic-bys when I've had the random time lapsed wide shot of a city.
I've got an idea I've been meaning to try out the next time I get something that actually has a significant amount of activity like that video above. The plan is to spend some time identifying activities in the shots that naturally draw the eye, and spotting in effects/foley to fit those activities. I'd make a cut near the tail of the sound, but in advance enough that I would still have just a little bit of the body to work with. I would, again, use some time compression on the head of the clip, but only enough so that the listener could identify that the effect isn't playing back in real time; I'd like it to be a bit more subtle in this use. Of course, the next part throws subtlety out the window.
Taking that tail, I'd then try to turn that into my whooshes/zips: stretching out the length of it, transitioning it to a more processed/pixellated sound as it nears the end of the tail, and follow it up with some panning or maybe a bit of doppler to get it out of the soundfield.
I'd probably have to add some sort of room tone or drone/bed underneath it all for it to work, because I feel like it could feel a bit empty and sterile without it.