I'd say it's average for a first or second try
1.) Clean up the language a bit. Just because we live in a AOL rapper's MTV world doesn't mean every word out of peoples mouthes has to be F*** this and F*** that. Also, abbreviations from internet chat really could use a tone down here.
2.) Try and sync up the characters a bit more, the lightsaber thing between sonic and mario was a pretty sweet idea, but it just wasn't synced fast enough. And that Sonic waiting-pointing thing was kind of annoying, I've seen others without that and that might be a good touch.
3.) Establish an actual bad guy or group of bad guys. I'm all for the random acts of violence and random characters popping up, but this vid does lack in storyline.
That wraps my reveiw up. Love it or hate it, I'm sure I'll get hate mail either way.