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I've been looking all over the place for something citable to allow the comparison between the two videos - it seems, on the surface, to be totally original research. I did find one blog-like site that had this rundown:
Dreary High School Gathering Place
MCR: Auditorium.
Nirvana: Gym.
“Edgy” Accessory Flaunted By Cheerleaders
MCR: Gas masks, gun-looking objects.
Nirvana: Armpit hair, anarchy symbols.
Semi-Synchronized Gesture That Indicates Crowd Approval
MCR: Saluting.
Nirvana: Headbanging.
Crowd-Storming-Stage-Scene?
MCR: Yes–and the cheerleaders look scared.
Nirvana: Yes–and the cheerleaders hold their own, even though the possibility of crowd-surfers clocking them in the head with a steel-toed boot is high.
Solitary Figure At Clip’s End
MCR: Hotline for “reaching out” if you’re feeling violent. (Wait, what about working out your aggressions in the pit?)
Nirvana: Tied-up guy in a dunce cap–who, no doubt, would love to “reach out,” given the chance.
Seems more tongue-in-cheek than anything, but it does serve to point out that the supposed similarities are actually pretty clearly differences. Add in the fact that MCR were actually going for "The Wall" and substituting a high school for the movie's arena setting, and I think the only thing that ties this video to "Smells Like Teen Spirit" is the fact that there's a high school involved.