I saw this not too long ago. Absolutely brilliant work. Gotta wonder why the industry can't make a good videogame movie without stuffting it out and this/these guys can do it better.
The biggest problem with making a movie based on a book or video game is that they are both forms of media that supply many hours of entertainment and tell a very long story. Movies however take quite a bit of effort to create, both animation and live action, and don't provide the same length of entertainment, so if a movie is based on books or games it will feel either rushed or incomplete and generally fall behind.
Furthermore, games give you choice. They are one of the highest forms of interactive media entertainment, so its hard to make a good movie off of them. At least with books, even if its very rare for movies to be as good or better than the book(s), they follow a linear path with no choice.
Also these little projects are short. This animation is 4 min long, trimming off the extra voice lines, and just for those 4 min it took them probably months of work or more. Also as ive said, video game movies are super risky, so I think its hard for a company like nintendo to justify putting forth that much effort for something that might completely flop.
Not to say i dont want a movie like this, in fact i would love to see a current day AAA budget LoZ film, i just understand that the chances of that being very slim.