"The ad portrays an old, powerful male (Bob Dylan) getting his jollies leering at the young, scantily clad, innocent girl (ie the angel)."

Funny, dressed in black with that mustache and goatee I say Dylan's character was a very specific fallen angel. The devil really did make him do it. The kick for the ad is that hee doesn't want to be tempted by what he sees that's good.

(PS, by this interpretation, the female angel character wouldn't have to be young at all. Young looking, perhaps, but immortal after all.)