This is a classy, straightforward ad that serves as kind of a thesis for the Obama campaign. It's an attempt to frame Romney as a regressive figure and Obama as a forward-thinking one:

It's not the best ad of the campaign, but it's an important ad. It puts President Obama directly into people's living rooms and makes it harder to frame him as a Mooslim terrist who wants to tear 'Merica down, and for that reason, I expect it'll be on rotation with the stronger attack ads between now and November.