Bring more smiles... hmm... It sounds really tacky, but personally, I buy it. I remember reading somewhere that Miyamoto likes to watch the faces of players when he's focus-testing ideas, not just listen to their skewed feedback (can you believe focus-testers said they hated the first NES SMB?), so "bring more smiles" sounds right in line with an internal japanese Miyamoto development mantra that somehow marketting wasn't able to fully communicate.
EDIT:
Just watched the vid. Man, it's been awhile since I watched Reggie in action. Is it wrong for me to say that I found that 5 minutes... soothing?