Well if anyone is seriously considering opposing this advert, there are a few angles of attack possible.
A) One could sue for:
1) financial mischief; if they misused funds, didn't go through all required approvals, selected the advertising company without following proper process etc. If this is the case, then a few ANTZ would get a slap on the wrist and they will be more careful next time. Not worth pursuing IMHO.
2) form; I can see some racial stereotypes there and one could sue for that; however this would go only as far as the advertising company that prepared the clip; they would redo the clip and it would be a wack-a-mole game;
3) content; now here's the interesting part as this could lead to the ANTZ. There are a few false or unproven allegations there, direct or indirect. Most notable one is the allegation that the
tobacco companies invented and developed the e-cig; then you go to the "addictiveness" of nicotine when ingested other then through smoking etc. One probably wouldn't get very far through that venue since there's no particular law preventing them to do that. And here is a very important conclusion one can draw:
The individuals or organizations involved in negotiating e-cigarette legislation, when faced with the "e cig vendors cannot make unproven claims regarding e cig merits" clause, should push either for the removal of such clause (difficult) or having it as "no person can make any kind of claims regarding e cigs unless they are scientifically based" (easy to argue for). This gives symmetry to the law and allows to equally combat all unproven claims.
B) Counter-advertising:
Of course from the underdog/underfunded position you cannot go to "domination" tactics and drown them in longer, better, more frequent adverts on your side. But if anyone is willing to engage, judo tactics (where you try to deflect not oppose the opponent's force) can work. I can definitely see how a shorter advert, posing as a conclusion to the ANTZ's work, would say "Tobacco companies should be prevented from manufacturing and marketing e-cigarettes".