Great presentation, dull gameplay
The graphics and audio were great, the animations were smooth and the sprites were very well made. No bugs or glitches to be seen, and I didn't experience any lag. It plays great, runs smooth, and it looks good. I especially liked the visual designs for the bosses.
The gameplay is very repetative and boring, though, even with the upgradable equipment and abilities system. There's really no strategy necessary, just spam your special attacks until you run out of mp, then button mash through the remaining enemies. There really isn't much of a point playing past the training level, since I thought all the fun to be had in this was seen in the first five minutes. After that, it's the same thing over and over, with the new upgrades adding little to gameplay.
Try adding a more detailed combo system with the base attacks, and make the specials a little more flashy. Speed up the characters' movements a little bit more, add in a few more varieties of monsters, and this could be a really fun game.