Then I watched the trailer...and realised I was totally wrong.
I have to say, given the tiny budget and the fact that the bulk of the production crew and actors are amateurs (and not doing it for money), this film - named The Hunt for Gollum - looks seriously impressive. Billed as a "film by fans, for fans", they've done a great job of recreating the tone and atmosphere of the Jackson films, and the cinematography is very polished. The orcs look fantastic, and the actors seem very competent indeed. Of course, we can only discern so much from the trailer, but I like what I see very much.
The film is going to be released only online, with a release date of 3 May 2009.
The full trailer is on Youtube (naturally...) but the quality is inferior to the flash version on the official website, so I suggest you check it out here. There are also plenty of stills, as well as information about the film.
I'll be watching developments with interest...