The first thought that came to my mind was that it was a fun cinematic to watch, and that's pretty much it. There really wasn't too much that can be read into a cinematic like this. Sure, there are overtones of factional conflict at the start, but it became overshadowed by, ironically, the bright and campy feel of Pandaria itself.
I personally did want more emphasis on the war between the Alliance and Horde, but the more I think about it, the more I believe that fun is what was supposed to be conveyed. Given the super theme park nature of Mists of Pandaria, giving as many people as many things for them to do, it just makes sense to tell people that, maybe there really is more to the game than what we have been used to.
Of course, I submit the premise that the cinematic did not, in itself, cancel out the war between factions. It was simply muted to give more attention to the new land. Everything that we expected from World of Warcraft is still there, but there are new things to discover and explore as well.
Take, for example, the arguably best scene in the cinematic:
This was not a scene where both sides suddenly became friends. Their cooperation is token at best. They were just simply overwhelmed with the big bear kicking their butts. There were no apologetic looks when the human almost decapitated the orc. Likewise when the human got walloped by the makeshift mace.
Perhaps the cinematic was a tad campy at times and it certainly did not fit everything that WE, as players, expected from Blizzard and the new expansion, we cannot deny that the video gives us a snapshot of great things to come.
Personally, if the game becomes as fun as this cinematic, then other games will have difficulty fighting for my time.