Hmm... I have fixed feelings about this video too... On one hand, it may be disrespectful to the Buddha, but on the other hand, if many people see it, due to the virality of Nyan Cat on Youtube, it will bless a lot of people..
So, in the end, I would say it is based on motivation.
If the motivation is to make fun of Buddha, then it is 100% NOT OK. But if the motivation is to make it cute, so that it become viral, and more people will have an imprint, then it is OK.
As such, I will heavily promote it on my Facebook and make it viral!!
P/S: I must say, this is very creative, for example the show lion, the mountain, the flag, etc..