It is a lovely tribute, but I am going to be honest: It’s unfortunate that they had so many people shown for a single brief second while indulging in lengthy gaps for all the filler and atmosphere. But hey, go check it out yourself and see what you think.
Update 1/14/2013: It appears TCM has made the video private on YouTube. It can still be found here on Vimeo.
I agree with your assessment of the video. It also is not my favorite musical selection compared to some recent editions. Still, very fitting and worthwhile.
Oh, definitely – the worst TCM montage will always be light years ahead of any others.