The video is about the love that develops between two young boys (presumably in Iceland, where the band hails from), and absolutely stunned me when I watched it this morning. I asked Maggie to come watch it and we both sat there, completely stunned. It is hauntingly, achingly beautiful. I recommend downloading both the video and the song, they're both amazing.
You can also choose from lots of music and video downloads on their site. Fair warning though, it is intense and beautiful and just might break your heart. I adore it.