This is an awesome (and SIGGRAPH award winning) animation from the Paris animation school Gobelins. This bunch of students have created a wonderful piece for which CGSociety have a great article that explores its design, conception, animation and production.
The Octopodi Official Site is a fun place which shows their multitude of awards as well as a gallery and production videos that are just awesome to see.
Here are a few of the many process images:
[Octopodi production images from the official site]