Takes on ... Hillary.
Smart politics, and not an ineffective ad.
Rudy's whole schtick — other than 9/11 — is to run as the man who can beat Hillary. The whole through-line of his campaign is to get jumpy base voters to look past his personal-life woes and imagine him in battle with the Queen of All Evil in the general election.
And highlighting Hillary's evolution on the war is certainly a fertile avenue of attack. I'm not sure that this particular ad will convince anyone other than the fervent war supporters in the Republican base... but then that's the whole point.
And if it weakens Hillary in the primary, so much the better for Rudy. Just as long as Giuliani doesn't tip the balance to Obama.
Because against Barack, he's toast.