Still no mention of Hillary, but it's pretty tough stuff. Unlike some of his previous allusions to her, I don't think many voters will be confused about who those "other Democrats" are--the ones who, the narrator says, "fell in line behind George Bush." On the other hand, partly because Obama waited so long to start pressing the issue and partly because Hillary's done such a remarkable job easing away from her earlier position, it's possible that a lot of primary voters don't even realize she supported the war in the first place. (Not the hard-core anti-war types, obviously--and, in fairness, they may be the people more likely to watch and distribute a web ad--but the less-informed, rank-and-file Democrats who will help determine the nominee. )
The ad also ends with a line about Obama fighting "to prevent history from repeating itself," at which point it flashes a headline about Iran. To those aware of the back-and-forth, it's an obvious allusion to Hillary's recent vote for the Lieberman-Kyl amendment labeling Iran's Revolutionary Guards a terrorist organization. But I think it will almost certainly be lost on most voters.
Still, overall the ad should do Obama some good, particularly if gets a lot of free media attention.