Shrek Retold is what it says on the tin: A collaborative low-budget fan remake of the first Shrek movie.
In that sense, being able to coordinate 200 fans to put together a feature length film on a shoestring budget is no easy feat, and that on its own is worth praising. The quality of each segment varies drastically, ranging from meme-worthy shitpost to live action to genuinely well-made animation of a variety of different styles. While some segments aren't that good, they're worth getting through to get to some genuine heartfelt moments where the passion these creators have for the original film shines through.
While Shrek has become a meme at this point in time, it's worth remembering that the film itself still holds up very well as a parody of Disney and fairy tale movies, and as this remake uses the original script (almost) word-for-word, that story still carries through. I wouldn't recommend this film as a replacement of the original though, as several of the more 'low-effort' segments of the remake don't do a good job of replacing the respective scenes they're remaking, with strange changes to the story that create inconsistencies with the plot (I'm especially thinking of the vlog segment near the beginning of the third act).
All of the soundtrack has also been remade, with the score being reorchestrated in a fun lo-fi way. Some of the covers of the songs used are genuinely good, both Hot Dad's cover of "I'm a Believer" and the beginning's folky cover of 'All Star' are unique interpretations of the original songs.
Overall, if you're a fan of Shrek, memes and collaborative art, this film is definitely worth watching. I watched it in pieces rather than all at once because some segments did drag a little, but even then I cannot deny how fun, crazy and genuine this fan remake is.