It's broken up into work longer (Mail), play longer (a hockey game), laugh longer (Pixar's Monsters Inc. movie), listen longer (iPod), shoot (Camera), edit (iMovie), share (MMS), update (Facebook), download (App Store), read (iBooks), write (SMS), and even FaceTime longer.
They also make a point of saying iPhone 4 is "the world's thinnest smartphone".
Again, with the competition catching up on apps, Apple has switched from "app for that"-based commercials to their current competitive advantage -- killer battery life. Apple has invested heavily in battery technology for everything from the MacBooks to the iPhone and while it doesn't have the visuals that FaceTime or Retina Display do, it's what literally lets them happen.
Still, I wonder if it makes for as compelling a commercial?
(We'll update with Apple's official YouTube video as soon as they post it.)