I'm sure we'll see our fair share of interpretations of The Hobbit film in the years to come, but I don't think we'll experience many quite like this. The one-minute clip is actually a trailer for a full, 90-minute movie put together by a bunch of kids from Tower House School in East Sheen, London.
Usually I can understand even the thickest English accents, but top it off with quiet voices and the kids are a little hard to make out, so you'll need to pump up the volume or fiddle with an equaliser. The boy playing Bilbo spends most of his time looking bewildered -- even when he's sitting in his own house -- but at least he's the right height. In fact, the dwarves are the right height too. Funny that.