@Matt - Yes, I want to see Theocracy dressed up in chain mail & then singing as they walk down a crowded street. Note this will do absolutely nothing for Theocracy's popularity, nor make a good quality video. But since you asked, yes, I want to see that lol.
As to the video itself, I thought the Old Man was a nod to Metallica's Unforgiven, a contrast to the theme there. I, of course, was totally wrong on that count.
Syncing issues aside, the video is great, especially considering its their first one. Honestly, I was expecting something totally dumb that I would like simply because its Theocracy. Instead, we get something that is obviously professional quality, well executed, and most importantly does not embarrass the band but rather shows them off favorably.
I mean, just take a look at the majority of music videos. They are so bad, they make me cringe. They are either cheese filled non-sense, overly done, or try to be something they are not, a music video. There is the rare video that transcends its container (November Rain for example) but that is not simply a matter of budget, otherwise other GnR videos would be at that level... they are not. That goes for a lot of high profile bands with monster budgets.
