I'm rather fond of this video. Partially because I'm a science geek (like The Edge!) and I'm always trying to figure out how things work. From watching the video the first few times, I figured out exactly how the video was filmed.
All in one take, with two cameras on the table, side by side, attached to one another. I also figured out that the song was played really slowed down, and Bono had to mime to this dragged out version, to shoot the video (so that when it was sped up, his lips would be in sync with the normal speed of the song).
I was very excited when I watched the director's commentary and everything I had figured out was confirmed.
Anyway, Bono's there in the booth, singing (slowly) and everyone keeps coming and going, going about their business, completely oblivious to him and his song.
It's almost as if he's singing this song, to convey this message to the people. But they don't even know he's there/don't care. In that sense, it's somewhat like the video for Please.
A theme in the song seems to be how Christmas has gone from being about the birth of Christ, to all about commercialism. This too fits with the video. Jesus is at the center of the holiday, yet he's mostly forgotten in our celebrations. Bono is at the center of all of the action in this video, and yet he's ignored.