My buddy, Mark, linked this a while ago. It's a 35 minute fan movie, pretty well done. They're not doing it for money, so here's hoping they don't get sued (though you have to figure they will use it for their resume :-). Here's the trailer:
Watch the whole movie here.
My thoughts (mild spoilers):
This is the kind of thing we need more of. Let the fans use the big shots, the music. They love your work. Don't punish them with your money-grubbing.
Thanks goodness Aragorn captured his fellow. No more of this Arwen catching Aragorn unawares!
Aragorn's tracking skills are a little too superhuman for my taste.
And to take down an orc without a sound with the other one standing right there... No.
The CGI is really impressive, including the distant shots of Gollum.
Couldn't Gollum get out of that sack? Chew through it?
And then how many orcs does Aragorn kill by himself? Too many...
Really impressive orc effects.
Swordfight with a Nazgul? I don't think so.
Still, some really nice moments. About as true to the books as Jackson's movies.
Worth your time? You have to decide. It was worth mine.
See Mark's comments for more profound thoughts about mass amateurization.