It uses a few shots of people like Britney Spears and Paris Hilton to imply that, like them, Obama is all fluff and no substance. A stance which didn't go down particularly well with the uber-rich Hilton family, who had just made sizable donations to the McCain campaign before the ad was released.
Somewhat impressively, Paris has responded with her own campaign commercial.
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Now a fame-whore does what a fame-whore does and this could well be an attempt to capture the spotlight once more but it was nice to see that she isn't afraid to take the piss out of herself in the process.
I'm not buying "her" energy policy particularly but am happy to give her points for showcasing how ridiculous and desperate the McCain camp seems to be getting.