Overall, this movie is quite impressive. One must remember that it was made entirely using free software, and for free (except for the money received from DVD pre-orders and also from donations from corporations). The story is about two characters, emo and proog, who are in a surrealistic dream world. Throughout the course of the movie (about 11 minutes) they encounter various environments, some weirder than others. The title "Elephants Dream" is supposed to be a reference to how Dutch children's stories abruptly end. Anyone expecting a plot, jokes, or some deep underlying meaning will probably be disappointed (although I found some of the choreography amusing), but those who watch it with the thought in mind that is supposed to be mainly a technology demonstration of what can be done with free software will be impressed.
Bottom line: Great looking, but no storyline, jokes or puns. *FREE*.
The best (only) free animated short out there of commercial quality
NOTE: I used the VLC player (http://www.videolan.org/vlc/) to view this movie, and as long as you have a decent processor and don't run it full screen you should get an excellent performance.