Possible improvements
Worst thing I found to this one was the lack of sound effects from the punches / bullets. I also didn't like the voice when Pico said "Bring it on". (Though I'm of the opinion Pico should alwats be left voiceless or talk though text)
Best thing is that the animation was pretty smooth and that the animation brought a good madness feel to it.
My advice is to try and add sound effects, and perhaps let the Enemy beat Pico up a bit. :D