Does this qualify as “good” rap?

So Saturday night MFH and I were at one of our favorite spots, and the DJ was spinning a lot of old school Jay-Z, Biggie, etc. And it got us thinking– how much does today’s rap suck? Every song has pretty much the same bass-line going on with those crazy sirens playing in the background and the lyrics don’t even make any sense, most likely because all the good ones were burned up by the late 90s. That being the case, does this spoof video count as good rap considering the song itself ain’t half-bad and the lyrics are wittier than anything we’ve heard since “The Life and Times of S.Carter, Vol. 3″? I’d have to say “Yes, yes it does.” But even if you don’t agree, you gotta admit– it’s pretty freakin’ funny.