You really learned a lot at that film school!
I haven't seen a more professionally handled storyline at Newgrounds since Broken Saints stopped submitting movies here. The things you've done with the graphics, and the writing, and the music selection, and the whole concept is beyond belief.
The way the characters speak, and the pacing, and the very original twist you put in about Luigi at the end(which I'm surprised is a road less taken in movies), it all feels like we're watching an actual movie and not some Flash movie about Mario beating up Sonic.
Randy Solem of RotMK has set the standards for graphics in a sprite flash, but you've REALLY raised the bar for how stories are told through flash.
A LOT of effort was put into this... Although I still wonder why, from the last movie, you chose the sprite you did for the Princess, instead of the cleaner looking Super Mario Bros. 2 Princess sprite...
And speaking of the Princess... Why, when there's a giant horde of monsters about to attack, the first thing the toads think to themselves is:
"We must protect the princess!"
Why would they risk their lives without even CONSIDERING their own? That must mean she's done SOMETHING so kind and generous and sweet that they would ALL be willing to die just to defend her from giant fire-breathing turtles(and not Gamera either.)
I think you should emphasize on WHY the Princess is considered the beloved character she is to everyone in this movie. And that is the only inquiery I have about ANY episode in this series.
Everything else was done flawlessly. I don't care that there wasn't a lot of violence. You took VERY dated graphics, and a barebones story, worked your damnded hardest at them, and molded them into an utterly astounding flash. This is truly something special in terms of pacing and plot. Something over a hundred flash designers haven't been able to do yet.
Spectacular.
Bloody, frigging spectacular.
I can't wait for the next (last?) episode. I really can't, so now I gotta make sure I don't go crazy with impatience waiting for it by everting my attention to candy and scary costumes...
-Phantos