I see it no more offensive than a Panto dame, clowns in a circus or Dame Edna Everage . Its just the flipping pc brigade going over the top again. My only criticism would be from an advertising point of view--I think the format initially overshadows the product . I must have watched it a couple of times before what even noticing what it was advertising! However, once you realize what its for, I think the sheer ridiculousness of the sight helps to fix it in your mind.
For sheer rememberability though I loved the robot dancing car that Citroen brought out www.youtube.com/watch?v=4dilUbkP-PI
The Meerkat ones will be iconic too.