I think it was a waste of money. It sounded like a great idea, a way for Obama to control the narrative heading into the homestretch, and, considering how little traction McCain/Palin are getting with their latest fearmongering, maybe that's how it's actually working out. The media is trying to keep the tension up (and their ratings) by making much of the slight tightening going on in the polls, but the outcome doesn't really seem in doubt: Barack Obama will be the next president, and the $3 million spent to run the ad would probably have been better spent helping the DNC with Congressional races to push a 60-senator mandate for Obama. The actual ad was too vague, too simplistic, and ultimately too short to maximize its emotional appeals to have any significant effect on undecided voters.
That said, in its final moments (when it hits 26:42 on the clock), Obama's parting words perfectly encapsulate why I have faith in the man. It's not simply that he's a Democrat, not just that he represents change from the baby boomer incompetence of the past 16 years, nor that he embodies racial transcendence: it's that I believe him when he says that he will listen to the American people, and I trust that his judgment to act upon what he hears from us.