This video is a compilation of bits from a Google I/O 2012 session entitled "Making Good Apps Great: More Advanced Topics for Expert Android Developers". Rather than relying on cue cards or slides adorned with dodgy 1990's clip art, this presentation took an incredibly more awesome approach to delivering its message.
It borrows from a number of games, most noticeably Metal Gear (if it was a side-scroller) and, as Phandroid points out, is used to highlight goals Android developers should strive for when building apps: invisibility, efficiency and reliability.
It certainly fits in with the Marketplace's Google Play rebranding and it's a clever way of transforming what likely started out as a boring PowerPoint preso into an entertaining performance fit to combat even the most heavy of eyelids.
Kudos to Phandroid for taking the time to stitch the clip together from the original session for the internet's viewing pleasure.