Retail Diablo III ~ $60
<strike>CEO</strike> Intern getting to level 60 ~ 12 or so hours @ $0 / hr
1,000,000 Diablo III gold ~ $4
Cheap Chinese Sword ~ $96
Single / static webpage ~ $200
57 seconds Video using a)existing office, b) in game footage but with voice over ~ $100
4 x evenings of <strike>CEO</strike> HR department online interviews: $included in their salary
Potential for the CEO to be exposed as totally incompetent at playing Diablo III, and a huge gaff as he's trolled by the fetid swamp of D3 players, thus generating vast swathes of "the internet is a bridge full of trolls" tutting from places such as metafilter.com: priceless.
I can think of many criticisms, but cost / level of resources is hardly massive, unless I'm missing something... could you expand?
I'm also fascinated on how they're going to do this: I'll offer good money that says within 5 minutes of logging on they're either town-PK griefed, chat channels are flooded by gold-selling bots or their account is banned for non-RMAH advertising within the game.
[Disclosure: I do not own a copy of D3, nor have I played it]
When you are completely based on billable hours (like all ad agencies) you need to consider internal projects as using resources like they were client billed. So the CEO is ~$300-$450/hr, CD ~$200-$300, tech & art $100+. Time isn't free if people are salaried in any business.
Oh and that's going to be the CEO online because this is going to attract other industry folks, some of which will know him personally.
~ This begs the question, which I assumed (down thread): if the CEO is the one actively engaged, and he looked rather uncomfortable / wooden in the video, then there surely has to be some kind of agreement with Activision/Blizzard to use their Brand like this. i.e. Any and all such arrangements for third parties must have sign off by them (or "why can't I use the D3 franchise / name to sell my porn parody", see http://community.secondlife.com/t5/Inworld-Employment/Still-... for reference).
Thus, I tend towards the meta position I mentioned below: that the real cost is being born by that ~$500mm advertising budget, not Saatchi & Saatchi, and this is meta-advertising.
Jury's out: whether or not this is as clever as I'm imagining will be born out in the next few nights...
I'll just note that while I did saw unpaid internship posts in other countries, I never saw it in Israel. It is definitely unheard of in the high tech industry, but as I've never heard of unpaid internships in any other sector I'd bet it is not the norm in other sectors as well.