I like it!

The composition is swell, and I applaud you for following the limitations, something that always brings an interesting and clean result.

I don't think those VSTs in FL are actually NES though, while the may sound like it. If you want some real NES instruments I suggest getting the tweakbench VSTs. Its quick and easy and sounds a little better. Get triforce, peach, and toad.

As for the music, I really love the hooks you have. While it is repetitive, it does its job well and the transition into the chorus is perfect. I might suggest adding a little more variety however, as this reminded me of something from the first two sonic games, and if you hear those you'll notice some more complex beats (albeit it wasn't on the NES :D).