Apparently, Girls Generation was set to release this video over four years ago, and ran into trouble getting the rights for the song. When they finally got that cleared up, they made it a surprise gift for the fans and a teaser for their next album. The styling at the end is pretty awful, but fortunately the previous few minutes of unadulterated cuteness softens the blow.
Also, Sooyoung/Seohyun pillow fight; not nearly as exciting as it sounds, but still good clean fun.