Insanely cool!
Wooaa, that was extreme!
The fighting animation was incredible!!
It got even better when Mario encountered the first squad of Goombas, it looked almost as if he would be three-dimensional!
It would not be true if I would say that I haven't already seen a lot like this, but most of those were way shorter!
Additionally, I liked that you made extra 8-bit-versions of some 16-bit elements, so it matches the style.
Plus, I liked the music. And the way you applied the movie to it.
All in all, I can say, that this masterpiece will go down forever right from my Temporary Internet Files into my favourite flash-folder on my Laptop.
(...what? I have a volumerate, you know, so I can't just reload it 10.000 times!)