In this work we propose a photorealistic style transfer method for image and video that is based on vision science principles and on a recent mathematical formulation for the deterministic decoupling of sample statistics. The novel aspects of our approach include matching decoupled moments of higher order than in common style transfer approaches, and matching a descriptor of the power spectrum so as to characterize and transfer diffusion effects between source and target, which is something that has not been considered before in the literature. The results are of high visual quality, without spatio-temporal artifacts, and validation tests in the form of observer preference experiments show that our method compares very well with the state-of-the-art. The computational complexity of the algorithm is low, and we propose a numerical implementation that is amenable for real-time video application. Finally, another contribution of our work is to point out that current deep learning approaches for photorealistic style transfer don't really achieve photorealistic quality outside of limited examples, because the results too often show unacceptable visual artifacts.