When I first saw this I was wondering why someone would bother, but after trying it out, it's pretty cool. I watched some of the Kingdom Hearts opening.

Watch QuickTime movies as ASCIImation. Apple has released a Quicktime-to-ASCII-mation converter for OS X. Open a movie with this app in your Terminal and you can watch any arbitrary Quicktime video in glorious text-based artwork. Take that, pewling smiley-mongers! Bow before my superior ASCIImation!

Link Discuss(Thanks, Wiley!) [Boing Boing Blog]

Now I think I need to play around to figure out what font is the best to use for this.