A good start.
I like this. It's definitely a great start of what, I hope, is more to come. I like the artwork. I really think the work with shadow makes it look slick, but the odd, triangular-shaped light patch in the middle of the field threw that off a bit. It just looks odd every time I see it. It's not exactly a big deal since it didn't draw me away from the story much, but it still did when it shouldn't. That small detail aside, everything looked great.
The animation was alright. I would have liked to see Link's movements be a little smoother, but it's fine overall.
Also, I know the reason behind it being a short clip, and that's fine, but it felt like there was only half a story told and it cut out right before the climax. I understand that the fighting wouldn't fit in with what the assignment was about and would have been extra, unnecessary work in an assignment, but it almost feels like I'm being teased with here comes the exciting part as denoted by the battle theme then fade to black.
On a more positive note, the use of sounds and music was well done to shape the atmosphere perfectly. You show that you can tell a story and set its mood.
I hope my review doesn't sound harsh, I really do like the clip, it's great for what's it's purpose was. I just get very picky when I review something and wanted to review this as more of a featured product than an animation exercise.
All in all, I think this is great for a first flash, and if this is where you're starting then I can't wait to see how your work will look in the future.