There's a certain amount of melancholy when watching these kinds of fan films; the ones where they take the game in question and "convert" it to a real-life setting. Granted, with Skyrim, it's hard to reproduce dragons, orcs, and the power of the Thu'um, but these guys give it the old college try. The result, especially when they use the Thu'um shout, is impressive.
As for the melancholy side, is this how outsiders view video gamers? A bunch of nerds who are digitally roleplaying their lives away?
Concerning the video itself, it certainly leaves any Skyrim fan wanting more. With that in mind, the video strikes me as a trailer, with promises of more to come. Considering the group responsible for the video--compactpictures--doesn't feature any full-length fan flicks, I'm not sure if we'll see their "Skyrim in Real Life" vision come to full fruition, but then again, perhaps the goal of the creators is to leave viewers wanting more.
As for the video in question, does such a fan film increase your desire for a real, big budget Skyrim movie with someone like Peter Jackson involved in the creativity aspect? With that in mind, one wonders how Michael Bay would capture the world of Skyrim. Whatever the case, the dragon explosions would be incredible to look at.