The spot, created by Miami agency Crispin, Porter + Bogusky, is similar in style to a sitcom with Gates and Seinfeld attempting to interact with the family, which includes an eccentric granny.
It ends with Seinfeld asking Gates to give him a sign if he knows how the computer industry will evolve, which he does in the form of a robot dance.
The ad has had a better reception on the internet than the first ad in the series, which showed Gates and Seinfeld trying on shoes in a discount shop.
One YouTube user commented: "I actually really like it, much better than the first one. I'm a Mac user and I still like it, it's funny at least."
While another said: "Definitely a step up from the first commercial, and a lot more entertaining. I think the message was much clearer this time as well."
However, the ad has not impressed everyone as a user called warpicachu said: "This is the second worst commercial ever!" They were backed up by Kwipper who posted: "WTF is the point with these videos?"
The $300m (£170m) ad campaign is designed to counter Apple's "I'm a Mac, I'm a PC" campaign, which features a geeky PC guy unable to keep up with the "hip Mac user".
The ads were remade for the UK with comedy duo David Mitchell and Robert Webb.