Legend of Zelda Sundial of Shadows is a VERY unique fanimation set in the Zelda universe. They totally nail the feel of Zelda for me and each frame evokes dat nostalgia. That said, if you are turned off by more art house or Anime, then this isn't your jam.

Episode 2 is a nice continuation of Episode 1 but doesn't spend time following the events of episode 1, it takes a step backward and provides a bit more back story. It reveals little, but allows the viewer to see a bit more of the universe it so eloquently builds. I like the style of this series quite a bit and can't wait to see it unfold a little bit at a time.

I recommend you watch episode one:
http://cheerfulghost.com/jdodson/posts/1031