Update (2006/12/28): Wired News has a Year in Review in Online Video article that discusses this video among many others. Here's a good quote.
If the '80s was the golden age of music videos, YouTube has brought us into the silver age, where online videos reach an audience tired of having to wade through reality shows on MTV to get their video fix. Pop band OK Go rode this trend in late July, when its video featuring a killer combination of treadmills, low-key gymnastics and thrift-store fashion caught the attention of the online community. MTV, now the follower rather than the leader, booked the band for its Video Music Awards show.