Not bad.
If this were pulled off with any less skill, I'd vote to blam this.
Still, it's a charming piece of work, and there are some very interesting animation tricks here. Also -- as much as I hate SpongeBob -- I have to admit that the song was fitting and it came in loud and clear.
The graphics were very peculiar. They were well drawn, but so crude at the same time.
I'm giving this 3/5.