First, this is NOT the same genre as 'Team America' or 'Robot Chicken'. Those are both examples of stop-action animation, while this is filmed puppeteering. Also, it was directed by Spike Jonez (a proven director -I don't think he comes cheap, even though he seldom 'sells-out').
Lots of old-school shouts featured include: GI Joes, Star Wars, Platoon, MJ Thriller (at least I think I smelled it). Plus a little classic James Bond shakin in the comic-book mix.
The song, visuals and story metaphorically tell the tale of the boys' past 25 years. For further information, please refer to google, your mom's wiki, or go watch Jay Leno, because this punchline-explanation is over.