I tend to agree with you. The previous Swift Boat ads were very weighty... This one is feels more like an everyday attack ad. Although, I do think it is probably more effective than those typical type of ads since even the average Joe has "heard" about the flip flops... With this, they see it in action.
But it does look heavily edited. It might turn some of the people off that would have been affected by the earlier Swift Boat ads. I don't know... maybe if they have some target demographics that they know it will work on.
I hated the ad at first. I had to play it several times in a row before it sunk in. I'm not sure it is going to be effective with the general public. And if you haven't seen the "medals" ad, or you're not familiar with Kerry's anti-war history it may go over your head. But just the same - "Go Swifties!"