Okay, so overall it was a decent animation. Though, you shouldn't really be posting previews here, those should go on Youtube or Deviant Art.
Now about the actual animation itself. I've seen my fair share of Sonic/Mario sprite series/animations and this one does little to deter from the norm. The combat was bland and wasn't all that interesting, reading text has become too tedious in this age and so if you plan on doing series, do everyone a favor and get voice actors. The sound effects were the typical DBZ sound package I hear very often so I wasn't impressed in that department either.
I can easily tell that you have been inspired by SMBZ and wish to make a series that will rival it's fame. Let me give you some word of advice, try using sprites of a different genre that aren't Sonic or Mario. You'll be tempted to imitate Alvin Earthworm's style if you keep on the path you're going.
I'm not trying to sound like a dick or put you down, I want you to just become the best animator you can by learning your own style and breaking away from the typical sprite animations.
Hope this helped.