UPDATE: Nina raised the funds, got the movie out, released it under a Creative Commons Attribution Share Alike license, and just recently posted her "first quarter" distribtion report for Sita Sings The Blues. I have seen the movie and it is epic (in all senses of the word).
(reposted from January 2009)
Nina Paley's animated Sita Sings the Blues looks amazing (all I've had a chance to see is the trailer though) but who knows when any of us will get to see due to copyright issues with the song compositions (not the performances - they are in the public domain). Check out more details on Nina's blog here and watch the interview below to get the whole story. Actually click here for Nina's post on her current effort to get the film out to the public -- she still needs to raise about $50,000 dollars to pay off rights holders.