Edit: And after having watched both, I would say the second video is the better. The second video, while pretty terrible itself, is at least... not the first one.
Did any of the cast or crew in TV Wars even try take it seriously? If they can't, there's no way the audience can. Not often I say it, but a complete waste of time.
The second video looks like you're at least trying to accomplish something. What that something is, I still don't know... I'm just thankful it wasn't a sequel to TV Wars.