These first two responses by Hellfire and 209manny are talking about
headshake, not a tankslapper. Headshake is fairly common and usually not something to be feared. The guy in the video landed a wheelie a bit crooked, which caused his tankslapper. Do you really need to be told not to do high speed wheelies and land them with the tire pointed to the side?
The classic tankslapper video is the one of the black bike at the Isle of Man TT race. Sorry about the lame music they put on this version, but it was the only one I could find on short notice:
http://www.youtube.com/watch?v=C4KbGuQDYWo
On October 4th of 2003, I had a tankslapper just like that. The bike even went down on the right side, just like that, except that it slid off of the left side of the road into a ditch instead of off to the right to hit a curb. The bike was totaled, of course, and I ended up with a broken left hand.
In my case, the cause was hitting a cattle guard at 60-70 mph while in a very slight turn. The bump on the far side of that cattle guard was enough to bounce the front wheel off of the ground an inch or two and since I wasn't quite going straight, when the front wheel regained traction it was a bit crooked and it was instant tankslapper. I had just enough time to recognize that I wasn't going to be able to save it, then I was sliding down the road on my face. Good thing I had a full-face helmet on.
I'm certain that if the Ducati Monster I was riding had had a steering damper it wouldn't have gone into a tank slapper and I only would have experienced minor headshake. A steering damper is the best insurance against tankslappers.
I've also noticed a tendency to more headshake, potentially leading to a tankslapper, while accelerating, usually uphill, on a bumpy curve. I've heard of a few happening while passing cars for example.
A lot of people have theories about giving it more gas or otherwise doing something to change the amount of weight on each tire, but in a true tankslapper, there isn't much you can do once you've reached that point. Theoretically, if you could let go of the bars without falling off of the bike, the steering geometry of the motorcycle might be able to recover, but that's pretty unlikely to happen.
Tankslappers are rather violent and quite unpleasant. The best insurance is a good steering damper. That, and don't let the front wheel get off of the ground at speed either intentionally (wheelies) or accidentally (bumps while accelerating).