It's a decent "fan film" of Batman...which is the newest popular subject matter for such movies...but it also suffers from the same major problem all fan films have: Poor writing. This film has quite nice set pieces, expensive set pieces too. The costumes are pretty nice as well. However the characters are almost parodies of themselves. Vague, simple and almost cartoony. Using the Ventriloquist was a nice touch, even if his acting sucked. The Joker himself seems like he can't decide which actor he wants to steal from: Ledger, Nickelson or Hamill. Batman is ok, but a bit TOO troubled by the events of the film. After all, he's seen MUCH worse.
One thing this film DOES have is its length. Fan films rarely go beyond 5-10 minutes, but this one was just over a half-hour. Not bad. Also, I see a lot of the Killing Joke in this story. The ending of the film...the final turn isn't bad though. It doesn't answer any of its own questions at all, and basically dumps the idea of Batman as a superhero into the toliet. This film was to be very realistic, much like Nolan's recent films...and in a realistic world the Joker would be a dead man pretty quickly.
If I was to use the Spill rating system, I'd give it a Matinee for a fan film. TO the people that made it, I say good job, but next time make a COMPLETE story, and remember that Bats is a superhero.