Ultravox "Vienna" dir. Russell Mulcahy (1981)

This is arguably the first classic of the MTV era, even though it was made before MTV debuted.
It was one of 12 videos picked as all-time classics on a special edition of 12 Angry Viewers that featured the original MTV VJs plus Downtown Julie Brown, Riki Rachtman, etc.
Russell Mulcahy was one of the defining video directors then. His work could easily earn him a Directors Label DVD along with Godley & Creme and Steve Barron. Other important voices at the time: Brian Grant, David Mallet, and Bruce Gowers (who today directs American Idol).
There's a great thread happening on on Metafilter about the early days of MTV, when it was more like a public access channel than anything else. I think mv programming vets somehow all spend some time in public access. ;)
divx - divx download (99MB) - Youtube
Wow - something so contained and studied going on here. Beautifully cut to the pace of the song, simple and intriguing narrative. The dinner party scene reminds me of Exterminating Angels.