Film studies are super fun and extremely useful for learning! I make my students do them all the time and in the master class I'm currently taking, it was the first thing we were assigned as well. They're great as you can learn a lot very quickly about a multitude of things all at once and can be customized to your art needs, be they painting, inking, stylizing, composition, etc. (They're also really great for when you don't feel like drawing or you're procrastinating as they're easy to do and fun!)
I'll try to remember to take video of the next one, but generally, you take a screen shot, double the canvas size down and then reproduce the film still below it. They don't have to take long...for new painters, I have my students start at blocking the whole painting in within 20 minutes and then we increase the time increment as they're picking up techniques. I did this one yesterday evening in between dinner and such. It's technically the first painting I've ever done in photoshop as I generally stick to Paint Tool Sai or Mangastudio.
Photoshop 7 is what I always painted in, but I've dabbled in PTSai and actually just go it back, along with PSPortable. I have MangaStudio EX; which I love to pieces; but I'm only ever used it for inking and doing up manga pages - I can't seem to get thehang of it for 'painting'... Though really, MS 5 is the way to go for painting, from what I've seen of it.
I may have to give this a shot sometime when I've got the downtime to do it. I've got a TV in my room, so I can chill in bed, grab my tablet and find some epic movie to try this with.