Because the Internet is magic, I’m able to point you to this excellent thread at Reddit where a South Korean explains the cultural context of the now-iconic song and video.

Here’s a few bits that may not be clear:

• Psy is not a one-hit wonder. He’s had a long and varied career despite having it interrupted twice by conscription.
• While obviously somewhat goofy in presentation, he’s taken seriously from a musical and cultural commentary standpoint.
• Even the phrase “Oppa Gangnam Style” is pretty loaded with meaning in Korean.

Go read both of juyunkim89’s posts there; this kind of cross-cultural perspective is what we all hoped would happen way more often with a global Internet. It’s pretty damn cool even if it’s just discussing a pop song.