Spent a bit of time getting my head around micropoly displacement, cycles shader trees and some node based compositing. Not a perfect rendition of the original, but it was a good exercise at working in Blender from start to finish.
I spent a bit of time on the micro details in the displacement part of the shader. I also built a custom film noise generator in the compositor, trying to emulate old film stock. I have a video clip on vimeo as well, for those of you inclined to see it move.
Nice animation.