Most of the plot centers around the very first Mega Man game and it uses elements from both the American and Japanese versions of the series and even add some original elements to make things more interesting. The film even makes use of Proto Man (going by his original Japanese name Blues) for good measure and without giving too much away, I think Keiji Inafune would be proud with what was done with the character.
The music was on par with a professional movie using entirely new compositions and beautiful arrangements based off the game. Anyone that's a fan of Proto Man's trademark whistle or Dr. Wily Stage 1 from Mega Man 2 (read: everybody) will swoon. The soundtrack is also available as a free download. Just enter 0 as your price.
If you dig Mega Man and company, check it out. Just bear in mind that it is a fan film and you should have a good time. There are far worse ways you could kill 93 minutes.