Not bad.
The gameplay was decent, but it got repetitive quickly. Some of my biggest problems were presentation-related. I should be in Fancy Pants World if I wanted to fight his enemies, and I should be in the city, not Pico's school, if I was fighting FBI agents. I was also bothered by the fact that Pico didn't look quite right.
I like his new shirt, the two-tone green was getting boring, but a green T-shirt with a torso holster was nice, but one thing that SHOULDN'T have been changed was, you took away his UZIs! If I think Pico, I think of two Mac-10s carving up an army of look-alike kids.
Taking away his UZIs is like taking away Caruso's sunglasses in CSI: Miami. You gave him a pistol, which was underpowered. If Chibi-Knight could defeat Thingy Majigs with a rusty sword in a few hits, a shot from a pistol should sen them to their cartoony graves. I would have preferred, if you kept his pistol, some sort of semi-automatic weapon, because I'm sure Pico's trigger finger is faster than he shoots in this game. To counteract the faster shooting, you could have added a reloading mechanism, which would add a little intensity and desperation while running from the baddies.
I like the sliding and aiming features, but the hills make Pico shoot either too high or too low, until his foes are right on top of him. Since you took away the health bar, which was a good decision on my part, they're too overdone in flash shooters, adding damage numbers to both Pico and the bad guys seemed kind of strange.
If I have to kill a ton of enemies to progress further, I want to be able to fight at least 5 at a time, not 1 or 2 chasing me around while I slide and climb.
This actually seems like the kind of game where Pico and, I dunno, Darnell or any of the protagonists in the games where the enemies came from, could play in co-op. One player could use WASD and, like, space or G or something, while the other player uses the arrows and enter or number pad + or something. The multiplayer gimmick would have severely added to the replay value, but I found this game to be okay. Upgrades or better difficulty scaling would have been nice, but you probably had to rush to the Pico Day deadline. I like the concept of all the enemies coming together to kill everybody, and the graphics were good, but you had some serious flaws.
I've played better, but I've played worse, and this distracted me for 10-15 minutes. Not bad.
