This spot is phenomenal because it does the following:
1) It shows that Nike gets LeBron.
2) It shows that Nike gets basketball.
3) It shows that Nike gets the intersection of basketball, hip hop, and street culture.
4) It shows that Nike gets music.
5) And if you're savvy enough to understand all the finer points of the spot, Nike understands you.
Sheer brilliance. Yes. TV spots can still be great at telling stories -- but the web is a great place for continuing their discussion.
Ian Schafer wrote a great analysis of the new Lebron James Nike Commercial; all things to think about when you are building out advertising and wondering if it will really connect with your target (the elements may change but the mental process needs to stay the same)
Side note - didn't Lebron steal the chalk toss from Kevin Garnett?