I can see why some have considered this a hoax: I know nothing of linguistics or cryptography but the repetition of the high-looped 'H' which occurs in a surprisingly high proportion of the words suggests we're not looking at unencrypted text. Perhaps the 'H's are encryption markers which can only be understood in relation to another, reference text, not yet discovered.
Perhaps some kid will come along with a calculator and a copy of Harrius Potter et Philosophi Lapis and the problem will be solved.
The puzzling - and thus far indecipherable - nature of an old manuscript has confounded some of the world's greatest cryptologists. Is there truly a code to break, or is it all an elaborate hoax?