We wrote about this project earlier in the year, and it seems the guys working on 'Tube' are making great progress. The release of the project's second trailer has just gone online and its looking very cool!
This is still a 'teaser' in the sense that it is not a tell-all trailer with final shots, but it has a significant relationship to the final movie and is not a bunch of text-scrolls anymore ;)
Started work the week before siggraph,
completed essentially the last day of the exhibit
refined over the subsequent week
rendered on the Hamphsire college blade servers in HD.
All the shots but 2 are shots from the current animatic, but this is not the final render for the project, just for the teaser.
Check out the trailer on the blog here. There's a download for the trailer and additional information and explanations from the team. Of course keep checking their main blog page for more updates as the project progresses, this is definitely looking like a major Blender project.