I think you need to improve your sound direction a little. Good sound effects do an amazing job on improving a fight's quality.
As for the animation itself...well, first of all, it's set at a really low framerate. I've never used Blender, so I don't know if this is supposed to be the standard. Second, the characters seem to move as if there's no weight behind their movements, maybe try to correct that, have the hits connect better, have more impact.
Aside from that, pretty nice job.