Well, I can't say it was their brightest moment, but it's hard not to at least be amused or charmed by the sheer ridiculousness. Just think: at one time, it was all U2 fans had to indicate what they'd be doing next. There was no album, tour, b-side, or anything. Just that ridiculous video and song.
I think it's safe to say they may have left a few fans scratching their heads and wondering if this was even their band anymore. I think that I, myself, was putting a lot of effort into convincing myself it was still cool.