As a graduated of an academy that doesn't have a video (I hope), I will be the arbitrator.
Of the three academy videos I've seen....
West Point has the best video. While the Naval Academy's video has five times as many views, and was produced before West Point's video, it's clear West Point improved on every aspect. It was truer to the original video and had better production value. Sometimes it pays not to be first.
The Naval Academy came in second. While not the first spoof, it was the first academy spoof, and it got coverage in the mainstream media.
Unfortunately Air Force Academy comes in third. Someone had to be last, and while AFA wasn't bad at all, it was the least true to form, lowest production value, and had a guy in tight pants dancing with another guy for no reason (so "gay" I thought it might be another academy spoofing AFA, but realized it was an Air Force original).
I like them all. But, as a fair third party review....
1. U.S. Military Academy
2. U.S. Naval Academy
3. U.S. Air Force Academy