I love so many things about this. The original is one of my favorite (mostly) instrumentals (I feel like it's based in some way around "Tequila", but haven't gone to the bother or proving it in any way).
This version removes all of the distortion and feedback, and adds...accordian and strings. The "Three way!" chants at the end are delightfully awkward in the best tradition of Magnetic Fields.
The camera work, on the other hand? Not so much.