Its available on Netflix right now.
Edwards' VFX workflow is pretty straight forward... He models the hard surface stuff in 3DS Max (or buys a model from turbosquid, like the jet in the river) and the organic stuff is sculpted in Zbrush. From all the videos and BTS stuff Ive seen he's animating everything in 3DS Max using Reactor for the physics and simulations (tentacles and collisions). The rendering was done with Mentalray and Vray... 2D effects and all the compositing was done in After Effects.
All of this can be done on a midrange priced PC.
I think the movie was great... the ending was a bit weak, but overall its a good example of low budget/indie filmmaking.