It reminds me of the Zoolander "Relax" video. "Just a nice, warm, happy time. Happy--happy--happy! Hahahaha!"
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It targets the Millennial generation too directly, saying, "Every generation refreshes the world. Now it's your turn." It's measly 5,851 views on YouTube have returned an even measlier 2 1/2 stars, validating my theory that our generation responds better to smart advertising that makes us think - not "happy," patronizing junk like this. Among my favorite viewer comments was "When did Pepsi become Kool-Aid?" I could not agree more.
And yes, the new Pepsi logo does somewhat resemble the Obama logo, but I also think it looks more like a logo for a teeth-whitening service than for a cola.