The cliche characters are a little tacky, but this flash isn't without some redeeming value.
What I liked:
-The flash had nice length to it.
-The story seems to be developing.
-The art was pretty good.
-The audio quality was also pretty good.
-The main character is likable.
What I didn't:
-Characters seem too one dimensional. Nylocke is the nobleman. The demon was the bored-but-powerful guy. The raven was the flamboyant guy. It's all stuff that's been done before without bringing much new to the table.
-The battle with the demon guy came to a very anticlimactic end, and not really in a funny way.
-The laziness in some of the animation is disappointing. No one interacts with their surroundings. The characters in the background never move their mouths. The irritating slide-ons of them in the foreground move their lips in an endless loop that doesn't resemble what they're actually saying. I know you have the talent to make decent animation, but when they talk you don't show that talent.
-The "Sasuke goes crazy with his hidden bloodlust power and Sakura brings him back to reality with a hug" thing has been done and done and done (didn't something similar even happen in your first episode?). On top of that, it even seems out of place here, where the characters are insisting that they don't have feelings for each other.
-Nylocke didn't die.