Oooooooooooooooooo-rah! Wow, that was another powerful indictment of John F(*cking) Kerry's hate for America and the US Military. Badda-bing, badda-boom!
1) It's nitpicky. Its attempt to prove Kerry's a liar relies ENTIRELY on the viewer being able to discern a difference between medals and ribbons. Sorry, but anyone who understands that difference is already voting for Bush. And who cares if he threw five or six or seven over the fence and changes his story on the number. It's so nitpicky that a neutral viewer will scrunch up their face watching it and go "Bleah." This ad is purely red meat for the true believers.
2) Secondly, there's no gravitas. To go from this silly nitpicky humorous rapid cutting of video clips to the conclusion: "John Kerry--can you trust anything he says?" It just doesn't fit. The evidence in the first half of the ad doesn't lead me to the extremely grave conclusion that I can't trust anything John Kerry says.
There's so much better serious material to use to make the point that you can't trust anything John Kerry says. The medals vs. ribbons flap may be important to the SBV, but it's totally irrelevant to the swing voter. We're talking about who's going to save thousands of lives in Iraq, not about who can remember what they threw over a fence thirty years ago.