Bud light is obviously pants, but the advert is an interesting study in marketing. They have obviously identified the threat of craft beer and are trying to exploit one of its apparent weaknesses; it's perceived pretentiousness. The guy with the mead ' that he's really been getting into recently' is an obvious dig at the more ridiculous end of that market. It will play well to their target audience, me thinks.
However, the counter point is that the bud light drinkers in the advert are obviously under threat of death if they don't join in and drink the King's watery beer, suggesting it is a drink for the weak sheep who follow.
There's a whole marketing / sociology final year essay in that advert!