It's not as hilarious a song as one would wish, but it's definitely fun and she does a lovely job. And the re-creation is meticulous, down to the Disney-style logo for the Funny or Die credits.
Kristen Bell, in case you were unaware, is a trained musical-comedy stage actress. In fact, while she was starring on TV in her Veronica Mars series, I saw her on stage in an L.A.Opera production at the Ahmanson Theatre of Stephen Sondheim's A Little Night Music -- and almost most-impressively, taking on a small, supporting role as the granddaughter, rather than a major starring role. (I wrote about it here.) She had played the role a few years earlier in a Washington, D.C. production, pre-Veronica Mars stardom, and when they put the production back together for Los Angeles, she agreed to do the show again,