Well, you already know my interpretation (2, because the anonymity is, to me, part of the vid), but I have to jump in and say you're a little unfair to Eminem. He's not denying white privilege in the song - that's the point of it:

Look at these eyes, baby blue, baby just like yourself, if they were brown, Shady lose, Shady Sits on the shelf, but Shady's cute, Shady knew, Shady's dimple's would help, make ladies swoon Baby, {ooh baby}, look at my sales, let's do the math, if I was black, I would've sold half, I Ain't have to graduate from Lincoln high school to know that