Here in Australia this is a relatively well known Aardman short. The plot is well outlined in the synopsis. As usual there is considerable amazement at the ability of the Aardman crew to wring such comedy/pathos and fantasy from claymation, particularly without any dialogue. The production isn't really up to the quality of the Wallace and Gromit shorts, but it is still better than some of their earlier shorts (such as 'Adam').
This is another one I had to wrestle with over the score, and it only just made 3.5, since I feel that once you take away the novelty of the claymation medium, you're left with a short which is just very good, not great. (I wrestled with it a bit more, and it got downgraded to 3.0)
Still, it's a bit of a landmark in Aardman's development, being about the longest thing they'd made up to that time. For any claymation fan it's a must-have. And as usual, it's quitessentially British.
NB I suspect the 'Wat' who is the central character in the film is a reference to Wat Tyler, who lead the peasant rebellion against the poll tax in 1381.