The idea seems so painfully obvious, I'm surprised no one beat Weezer to the punch. Get every YouTube celebrity you can wrangle and throw them into one big pot for mega-virally goodness. It would have been a bit more fresh if we hadn't just had the Southpark episode with all these guys, but SP's production turnaround is so fast I wouldn't be surprised if they got the idea from Weezer rather than the other way around. I know that may involve time travel, but I'm telling you those guys are supernatural.
As a whole the video works really well, I'd say. I was skeptical at first but by the end it was like a great big party with a bunch of old pals. Though I was quite sad not to see my main man Sammy Stephens.
[Thanks for the tip, Ethan!]
UPDATE: See something you don't recognize? Check out this excellent list of all the memes that are referenced in the video, with original YouTube links included!