Been to see Watchmen yet? Had enough of Dr. Manhattan's large, blue Dr. Johnson? No, no you haven't - at least not yet. (Watchmen spoilers, NSFW)
If you've seen Watchmen (or read the comic), you'll get the joke right away. If you haven't - and don't mind being spoiled - here's the skinny: Dr. Manhattan, one of the story's characters, goes around naked for most of the movie (and book). Manhattan is a rather large male whose skin glows a neon blue - henceforth, there's quite a lot of big blue ding-dong throughout the film.
Some people apparently feel that Watchmen wasn't wangtacular enough, though - and their video of a retro-style Watchmen game starring Manhattan in the vein of Streets of Rage ... well, let's just say that it serves to remind us that no matter how mediocre Watchmen: The End Is Nigh was, it could always be worse.
Really, I think the video says it all. The video says more than enough, actually. Just remember, when you're watching Dr. Manhattan cross laser-schlongs with the similarly-neon Jolly Green Giant, think about it: Somebody actually took the time to animate all of this. Their hard work (rock-hard, perhaps?) is our gain ... well, a kind of gain.
I guess we know who'll be making a guest appearance in the next GTA IV DLC pack, hmm?