While I generally prefer a decent pie over an excellent cake, I think you guys are almost all missing the point of this ad...
it's an ice-breaker. It will not be a stand-alone event. Seinfeld on TV makes people watch, especially if it is weird and in any way resembles the TV show. This ad was both. They introduced the characters. You all know now that Seinfeld has met, in this parallel world, Bill Gates. At a Shoe Carnival.
That's all this ad was trying to accomplish.
The next one will move the story along. You will all follow along with the story, complaining about how it doesn't make any sense at all.
Eventually, you'll figure out that you are being tricked into watching a series of ads because it's like a TV show you wish was still on TV, only this time in short bursts and in HD. But you'll keep watching the show because you want to see what doesn't happen next.
The fact that this thread has more posts than some of the big Apple announcement threads should tell you something...