As far as sprite movies can go, this was a very nice piece of work. I think you did an amazing job editing all those sprites for this flash. They looked very good most of the time. I especially liked the brownish pictures in the beginning. Best part graphicwise if you ask me.
As for the voice acting: I personally thought it was pretty good. I like how you used voices instead of plain text. All the actors who worked on this did a good job. I just thought Zelda sounded a bit old for some reason. She doesn´t quite have the voice I would imagine her to have in the original videogames. I mean, in most of the videogames I would assume her to be 16~20 and have a girlish voice, but I thought she sounded much older here. But then again, it´s probably hard enough already to find some decent voice-actors for a cartoon.
What I would recommend for next time though is that you add a bit more speed to the scenes. Sometimes I had a feeling the story dragged on slowly and this went at the cost of some of the jokes. Also 20 minutes (?) is a bit of a long sit. You might wanna split it up in two episodes next time. That will also double (your chances of) awards and will probably get you much more exposure in the end ;)
Oh and by the way, there were also a lot of spelling mistakes in the subtitles. Sometimes there were even words there that weren´t even spoken. It´s not such a big deal, but it looks a bit clumsy so you might wanna fix that.
Overall 9 out of 10, 5 out of 5. Like I said I thought this was a very good piece of work. Would love to see more, but I guess I´ll have to wait a long time before another episode comes out. Anyway, keep up the excellent work and good luck with any future projects.