Intel's bunny (clean room) suit ad campaign for the multimedia features (MMX) of Pentium and Pentium II was very popular. So in one of the follow-on commericals, the bunnies are on the road bringing their bright colors and dancing expression of joy to New York City. Also featured is a rather futuristic-looking (in a 70s/80s sort of way) RV. The bunnies become fast friends with top hat and tails clad human women and together create their own Broadway-style chorus line.
The ending is a full-screen logo and Intel chime featuring MMX in the upper left and Pentium II at the bottom. This logo, with the text around changed or removed has been near-ubiquitous as a quick hit in the corner at the end of Windows PC ads ever since.
MMX and Pentium II (which included MMX) made possible much more advanced media processing. During this period, playback of full-motion audio and video was becoming possible on the most advanced personal computers and MMX was designed to make it more efficient and thus possible on lower-end (mainstream) computers also. Also, video was struggling to increase from small postage stamp sized video (160x120 initially, moving up to 320x240) to full-screen 640x480 and MMX was a big help with this. MMX spawned many follow ons, although most are under the name SSE instead of MMX.
The strange black rectangle door on the side of the RV which opens above the computers is actually in the shape of an Intel Pentium II processor, including the large white text and the multi-colored rectangle representing the chip itself (although the rectangle was actually a hologram). Intel used a large, cartridge-style module (called Slot 1 or SECC) for the Pentium II because it made changing the chip easier. It also allowed Intel to move the cache SRAM off the motherboard and onto the CPU package where Intel could charge for it and profit from it instead of the profit going to motherboard vendors. When Intel later in the Pentium II & III cycle moved the cache SRAM on to the CPU die itself, they moved to simplify the expensive module introducing SECC2 which dropped the casing on the back of the module and SEPP for cheaper Celeron processors which eliminated the plastic enclosure completely. Later they went away from processor slots back to CPU sockets.
This spot aired on FOX on October 27th, 1997, during the premiere of The Simpsons Treehouse of Horror VIII.