It is a fun tongue-in-cheek song. (Who doesn't smirk at such lyrics as "You can brush my hair, undress me everywhere"?)
Mattel's updated version has removed the quasi-naughty lyrics and replaced them with inspirational ones, such as "You can be a star, no matter who you are."
Personally, I find the mix of dolls and humans in the Barbie video a little terrifying. And that dance. Yikes.
Oh, and just for fun: Here's Aqua's original Barbie Girl lyrics as posted by PureLyrics.com.