What makes this short movie worth watching is the animation. It is very dynamic with strong focus on details, and the background art looks great too. Considering the era in which the movie was made the production value is then rather high.
Plotwise the movie portraits a fish society as a caricature of real human societies with apparent attempt to provide some moral lessons. There are no real individual characters. The story is very simple and is focused on conflict between the fish nation and whales. The outcome of this conflict is very predictable, but the ending is if not a little more surprising then at least quite funny.
My rating is 6/10 because of the poor story, but the actual experience of watching this film is surprisingly enjoyable, and I strongly recommend trying to watch at least first few minutes of it in order to find out whether the animation is appealing enough or not.