First thing to note is that Fritzing has a bug which tends to corrupt sketches if you make changes in multiple views. So start in one view (since you have a schematic I'd start there) and then follow the rats nest lines to make the connections in breadboard. The first thing I note is that he is using a bare 328 rather than an Arduino, if you are using an Arduino board you don't need the power supply stuff on the left (the connectors 7805 and diode) as at least the Uno already has them. you also don't need the crystal or caps by the 328 chip as the Arduino already has those as well. So from the fritzing parts library you need the midi connector, the resistor and led and the push buttons. You need to translate the pins on the 328 chip (hopefully with the standard names) to the Arduino (Uno, mini etc) that you are using (they are again in the parts library)
and drag the parts in to schematic view and connect them all up Identically to the posted schematic (which looks like it was done with Fritzing). Once that is done you will have a jumble of parts in breadboard view with colored lines showing the connections made in schematic. Drag the parts to an appropriate physical position as they would appear in the real world then connect them up following the rats nest (colored) lines in breadboard and you should be done. Connect the physical breadboard up the same way as breadboard view shows and you should be away. If you have problems you can upload the fzz (sketch) file here and the folks here will give you a hand. Note that despite the fact that there is a code window in Fritzing it is a work in progress and can't at this point actually load the Arduino so you need to use the Arduino IDE to load the software.
Peter
