The first time I saw it, my reaction was (Scooby Doo voice): "Huh?"
I then did get it, second time around, and actually quite liked it. The casting is of the usual top standard ("Hello, is that the Freaky Continentals Agency? Lowe London here again"), and the music is particularly good.
But I suspect most interest will focus on the new strategy. Replacing a thought as enormous as 'Reassuringly Expensive' is no small task, and only time will tell whether this new direction will appeal as much, and last as long. But I think 'pass it on' does have a shot. It does communicate quality quite effectively, and it has a nice communitarian feel to it, that may improve Stella's faintly 'aggressive' image.
Of course, the beer itself still tastes absolutely disgusting... but there's not much Lowes can do about that.