Great overall, yet lacking in some key points.
I definitely enjoyed the first Fantastic Realm episode: good animation, a decent (if somewhat generic) storyline and some nice musical composition made for an entertaining Flash that you don't mind seeing twice.
The second episode is, if anything, better than the first. The animation improved, the music was just as great as the first episode and the storyline (although, again, it was a little generic) advances smoothly and appropriately. However, it did fail in the same area as the first episode: the voice-acting is mediocre and sometimes lacks emotion. You might want to consider replacing some of the actors... Not to be harsh, they just are not talented in that area.