When I was a kid, I used to do stuff like this with my friends (one of which did go on to a career in film), and it was always a blast. But never did we tackle a project of this magnitude. I sometimes can't help myself and will watch these fan made things, no matter how terrible.
No, I didn't watch the whole thing, but I saw enough. These dudes, Andrew Duncanson and Tim Hoekstra, along with a bunch of family and friends, definitely worked hard on this, and some things actually made me laugh out loud. They film pretty much everything in or near their house, inside their car, at a beach, etc. I viewed most of the first 15 minutes or so, just to get an appreciation for what they were trying to do.
It's simultaneously absolutely horrible and stunningly magnificent. The film is dominated by horrendous acting, awful special effects, ridiculous sets, and kindergarten-worthy costumes. It's clearly all by design, and the sheer effort itself is worthy of recognition in the archives of the Jedi Order.
The opening space battle is filmed inside cars, and the part where they recreate the crash landing inside Grievous's flagship is hilarious. Quite a few times the dude playing Obi-Wan broke character and would just laugh at the absurdity of what they were doing, and I appreciated that there was nothing about the final cut that these guys took too seriously.
If you ever did this kinda stuff when you were a kid, I'd recommend giving it a whirl. Watch the first few minutes just to get a feel for the sheer scope of their endeavor, and see the labor of love of a couple of hardcore fellow fans. Then skip around for a few particularly ridiculous moments that made me laugh (listed below).
They also made a trailer, which, true to Hollywood form, shows all the "best" moments. While you may not get the full horrible/awesome effect as the long movie, you'll still get a kick out of it.
Anyway, if you're lounging around with lots of time to kill, check it out. Or don't.
On a scale of 7 to 14, we give it ice cream.
Highlights (Times listed are for the full movie, but most of these have bits in the trailer.):
7:00-7:50 - Crash landing onto Grievous's flagship with cars.
11:15-11:30 - Dooku knocks out Obi-Wan with a pillow.
16:45-17:00 - Greivous escapes, Obi-Wan loses it.
44:30-44:45 - Greivous attacks with 4 lightsabers
45:30-46:00 - Obi-Wan/Boga vs. Grievous/Wheelbike
57:50-58:10 - Palpatine kills Mace, and everyone laughs
1:02:00 - 501st attack on Temple
1:02:45 - Cody executes order 66, Obi-Wan falls in spectacular fashion
1:30:15 - Obi-Wan has the high ground (a street curb)