The movie starts with our favorite squad (and their leader Kakashi) safely bringing the cowardly Shibuki back to his village hidden in the waterfall, and their mission appears to be over. But when Kakashi is called away and a former Jonin of the same village, Suien, decides to invade the city, it is up to the young ninja to show what it means to be heroes.
Suien's goal is to not only wreak havoc on his former home, but also steal a secret potion known as the Hero's Water. This water is taken from the roots of a massive tree at the heart of the village once every 100 years, and it has the ability to increase the drinker's chakra 10 fold. Unfortunately, this mystic drink also comes at a high price, one that Shibuki's father (and previous leader of the village) paid in order to save the village many years ago. Now Naruto and his team must fend off the rogue ninja while Shibuki learns that even he can be as strong as his father.
All in all, this is a pretty good film. It is hard to place exactly when this film takes place. One one hand, Sakura's hair is short, so the events must take place after the first two Chunin exams, but before the finals since Sasuke never even attempts to use his Chidori attack (a move he learned in the month between tests). But then again, he just might not have found it necessary. Then again, much like most of the Dragon Ball Z movies, Mission: Protect the Waterfall Village! might exist completely outside of the continuity and just be a fun side-story for the fans.
If you watch Naruto, then this is a good DVD to add to your collection. Plus you also get a sneak peek at the next Naruto movie, Ninja Clash in The Land of Snow.