I think this video is amazing, and I think people's expectations are a bit off when it comes to this type of thing.
Traditionally, frag videos are about showcasing awesome kills. From a competitive player's perspective, the excitement comes from watching people with talent pull off skilled and challenging plays.
From a general spectator's standpoint, though, I think this type of video is much more exciting. It might be a bit too over-the-top, but I think to the casual viewer something like this, with up-beat music and lots of action combined with fun special effects, is much more entertaining than going through someone's POV while music plays in the background. It's less of a "frag video" and more along the lines of a promo/hype kind of thing.
All that being said, as cool as the movie was, I think my biggest gripe was just that 1/4 of it was an intro of logos. At least if they were at the end as credits it would have been a bit less obnoxious, although they did give a good preview of what was about to come.
I think my favorite effect was having the sniper scope be superimposed on the regular view at snake last, it looked really good.