The hook of the song is "BB is dead, gonna get the iPhone instead". And that pretty much describes the thrust of the song. GT Solo takes particular aim at BlackBerry's GPS, saying that you'll get lost when using it. He also makes fun of the browser, camera, and app selection.
The good news for RIM is that "BB is Dead" will never become a hit. RIM recently admitted that their product line is aging, and there will be a product revolution of sorts, but this kind of 'press' can't help.
source: JaykePRO (YouTube) via BlackBerryOS