This is apparently the first feature film to be uploaded on YouTube. Though according to their countdown on FourEyedMonsters.com it will only be on YouTube for the next 53 days (until August 15th).
The movie has already receievd a number of awards and is currently holding a 6.7/10 user-rating on IMDB. The Four Eyed Monsters movie is compiled and based on a video blog (series of video podcasts). I only had time to see the first couple minutes now at first, but hopefully I can eventually put off some time to see the whole movie online.
(Via TechCrunch)