It's a good start.
The whole thing looked like some poorly-animated storyboard to me. Some color would be nice, too. You know, try to imitate the sort of bleach-bypass look the game had.
Still, the drawings were extraordinary and the game's music and language was integrated very well.
However, I noticed that Wanderer (that's really his name, Wanderer) seems to fight someone else along the journey. A bad move, in my opinion. Giving him an enemy outside the Colossi takes away from the purity that marked the game. That aside, I think it would be a wise choice to focus on the villagers and their journey to the Forbidden Land. I'm sure the drama between them would be a lot more interesting than watching Wanderer go from Colossus to Colossus.
All in all, I'd say this is a solid start. Polish the animation, add some color and you'll be golden. Good luck