Nothing really happens. He just sits on a chair and plays a song whilst some girl dances around (in ipod type black and white) with an ipod.
The reason I made a thread about it is because Dylan has always refused to take part in adverts (or allow his music to be used), and just a month or two ago said that he isnt a fan of digital music, digital recording or production ("You listen to these modern records, they're atrocious, they have sound all over them, there's no definition of nothing, no vocal, no nothing, just like...static.") and so on.. (that was from an interview in rolling stone mag), and errrr, it's an ipod.