It was ok but it was contrived to make you think the teen was socially disengaged. They didn't show him actually using the camera or editing the clips so a person not familiar with how iMovie or Airplay actually works wouldn't get it. I prefer the ads that demonstrate the features more clearly.
Marketing 101: Sell benefits, not features.
Making you think that the teen was socially disengaged was the entire point.
But there is a problem (IMO) with the spot: while it was beautiful emotionally, it could have been for almost any manufacturer's phone. It sells the concept of a smartphone more than it sells the iPhone. And that's a problem with a lot of Apple's recent spots. About the best you can say about the recent spots is that they attempt to imply (accurately or not) that the wide range of applications available for an iPhone aren't available for other phones.
But what's the alternative? Apple's spots sell lifestyle. Samsung's spots sell "when you go to the airport, you don't have to fight to power your phone". I think that for all their faults, Apple's spots are more effective. When the new phones are released, my bet is that the spots will temporarily change from lifestyle back to "look at this beautiful phone" again.