I agree with "ESS_SiLenT"
People, cut this guy some slack. This is not that bad, but there is plenty of room for improvement.
The graphics were OK, but there is lots of room for improvement, some of the drawings were a bit scrappy and the characters looked kinda silly, it was mostly noticable on the girl (the eyes looked messed up, just made the face look idiotic, unless you intended her to look that way). The animation was OK, still room for improvement but it was a strong point of this Flash. As someone else said, the main character held the sword in a strange way, it wasn't the right way to hold a katana (which is what I suppose you based it on and it is also a 2-handed sword).
The sound was OK, not great. Once again there is room for improvement. I won't moan about there not being any voices as I know how annoying that gets (I get it all the time).
Can't tell what the story is all about yet, but I guess it will be revealed in later episodes, starting with that girl and the character that kows her...
I say, good job. You caught my interest so I'm off to watch part 2.