You nailed it. I felt the same way upon watching the video. I definitely thought the song and video was way too long and way below average. As far as the track goes I can't break it down the way you do as I am just a casual music fan, but as a filmmaker I thought the video was terrible.
So much promise until they pulled the curtain back to reveal bad lighting and terrible choreography. I get that it was partially intentional, but there is still a way to keep the DIY feel and make it look cool. Rushmore, and the video "No Rain" by blind Melon are just a couple of examples of making the High School stage look cool in a vintage DIY way. And on top of this I was really disappointed when I didn't see Azelia Banks who I love or the Scissor Sisters making at least a cameo.
You guys might be to young to remember that in the early 80's it was all about the skinny jean. Lee was a popular brand. You might remember a little indie hip hop duo called RUN DMC. What do you think they were wearing? It goes full circle. Here is a photo link from Jamal Shabazz' "Back in the Day" as a reminder.
http://lichiban.blogspot.com/2009/10/photo…
And some people wore they jeans tighter than that btw