I just watched "Hollywood's first feature-length film created specifically for the Internet" on YouTube tonight called Girl Walks into a Bar. It has a marginally interesting plot (but a weak ending), a surprising number of notable actors, lots of cheesy/over-reaching dialog, and is pretty racy in both visuals and subject matter. It is estimated to have cost $1M, was shot in 11 days about a year ago (March 2010), and had over 250,000 views in it’s first weekend. This supposedly means it had more viewers than “some of the top 10 biggest grossers” at the box office that week, but it was free and had an interesting preview picture of a nude ping-pong bar, so I’m actually surprised it didn’t have even more views.
My recommendation would usually be "wait until it hits Netflix" so I'm not quite sure what to say in this case :-P It is labeled as an “Intelligent, witty movie”, but to me came off as trying to be a bit like Sin City without any fight scenes or Jessica Alba (although Alexis Bledel did play a minor role). It is currently available at the YouTube Screening Room, but only in the USA and is sponsored by Lexus (Six 15 second ad spots in the 80 min video) so at least you don't have to pay 8 bucks to go see it.