Job well done
I can see you've put quite a lot of effort into this. Music first, definately nice, I like the whole rock version of the much beloved tune. However, the sound in general was limiting because there was no speech or sound effects, just the music. Incorperating sound effects really does help.
Graphically, it's light hearted, colourful and easy on the eyes. This is all very true, but in some places it is a little rudeamentry eg. the spashing water effect, instead of using an actual splashing effect, it is simply a few lines of blue drawn in different places as each frame goes by. Also, I did enjoy the different emotions of the faces by simply using eyes, clever technique.
Story-wise, I haven't a clue where you came up with the basic idea :-P but it's pretty good. Most people like the Zelda series and Zelda spoofs so whats not to like. Also, the Kirby model reminds me very much of the Kirby from the Perfect Kirby series, maybe you could do a spoof on that too, with permission being granted of course.
All in all, nice movie in general, but there's always room for improvments. Nice work