Wow..
First off this isn't 8-bit style'd music, it's not even 8-bit animation, it's pixelated animation.
Second, the original song was awesome. This just sounds like some poor knockoff, in fact, it sounds like the only thing changed was the removal of the original sound effects and awesome bass. Basically it's a gutted version of the real kick ass song.
Don't get me wrong, I love my eurobeat, but this is just... failure for anyone who really knows INITIALD or Eurobeat. Especially how it's labeled...