It seems like 2012 might be the year of amazing student animations. Crayon Dragon as about a young artist who is commissioned to paint over an illustration, only to fall into its world and befriend a magical one-winged dragon within it. Animator Toniko Pantoja mostly used Flash for the animation and coloring, which makes this all the more impressive because Flash is basically the worst thing in the world.
The music and sound effects are spot-on, but the really striking part of this animation is the coloring. Just look at how gorgeous those colors are. They're especially interesting with the titular crayon texture, which is a hard look to realistically achieve in a digital medium.