Pretty good but could use some improvement.
First the bad things just to get them out of the way, The voice acting was slightly less then something expected... and I'm not sure exactly what the parameters you set for compressing the flashback segments, but raising the quality of that would help to improve the experience. there was some pixalation during that part, and you have 2 megs to work with... Yes i know i don't have a damn clue about the small details...
Now for the good which by far outstrips the bad, First but not least a frame by frame work, minimum tweaking if any style thing, love that, don't see enough of that. Secondly, while many will argue, I believe this is working up to revealing a slightly greater picture, we just have one or two corners of the big picture. And last but not least, You didn't go for this cheap shit some other people do, quality stayed steady through out the work* made me feel the next one will be even better.
All in all a great piece of work, could use some buffing but that's just extra onto the work of art. The only people I've see put down a bad score are the clueless and those who didn't bother watching the first one or who write like toddlers.
*see first paragraph for exception to that statement.