Wasn't exactly satirical - just took scenes and re-enacted them with cartoon bunnies. Doesn't even really take the piss.
Adam and Joe did it far better on Ch4 a few years ago - Titanic with soft toys.
That, and the awful Celine Dion-esque singing...! Brilliant stuff. Check out the other animations on the site aswell. The Pulp Fiction and Rocky Horror ones are very good too.