The song grows on you the more you listen to it; it's quite catchy.
As for the video content -- I've said it numerous times elsewhere -- most mashups are godawful. The ones that are the best are the ones that come across as being almost legitimately something you might see as say, an opening credits for a show or a music video.
This video is definitely one of the better ones. The editor cut together footage that not only reflected the meaning of the lyrics of Tik Tok but also did in a humorous, nostalgic way. In fact, watching it I realized something very interesting -- they did a whole hell of a lot of partying and dancing on TOS. At least, they sure did a lot more than the crews of the later incarnations.
So overall, I love this video. It cracks me up every time I see it and it makes me feel good because its a celebration of TOS, and of partying, drinking and having fun.
If you can't get past the modern pop sound of the song, and unless you're in a situation where it's blaring in your face uncontrollably, well, that's rather closed-minded and sad in my opinion. You're really losing out on something that was quite creative and entertaining.