sorry, i don't find the viral video subculture of talentless hacks important. the viral video subculture is important, as the tunisian example typifies, but it would probably make an incomprehensibly boring EFL lesson for high school students.
1) Is the video in question being talked about a lot in English speaking cultures now?
Yes:
Evidence: Video in question has more than 110 million hits. (110,949,891 to be more exact). It has more hits than Michael Jackson Billie Jean (which has 54,122,446 hits)
2) Is the English in the song terrible?
Yes, however it's not uncommonly used English. As I said earlier, if all that's important to students is to only know grammatically correct English they could save themselves a lot of money and just buy some grammar books.
3) Is the singer a talentless hack?
Yes, however so are many pop singers. I consider the singer of Bright Eyes "When the president talks to God." to be even worse than Rebecca Black. I remember when it came out thinking that there were some Japanese playing on the street in Kobe for street change that sounded a lot better than that.
4) Despite 2 and 3, is the video relevant for class?
Yes, not because it's a good video or song, but because it's a part of
current western culture. For proof of that, refer to 1 where I mention the number of hits it's getting.
In fact, I am all for telling students why you hate it. At least it would be a real conversation as opposed to the canned conversations they typically get in their textbooks.