It was funny enough to make me watch the whole thing, but still suffered from a lot of the stuff all these internet projects do. The graphics push this up to 4 stars.
Compare voices in Hertzfeldt's "End of The Show" (http://www.youtube.com/watch?v=bFzrXzlRSsg) with squid in #6 (http://www.poetv.com/video.php?vid=50528)