Mixed feelings
As much as I liked the first two episodes of this series; this one and the one before it have left me with mixed feelings. To Ce-Rap: Good job on the stills, but I never saw the appeal of video comics. I found them to be too static for my taste.
Aside from that, let's get started...
Animation: I liked the use of custom sprites even though most of them are just recolors. Plus, The stills looked better than episode two. Unfortunately, due to the comic approach, there wasn't much animation aside from the sprite segments and makes this very inconsistent in style and quality. I mean, the comic parts seem to be better imported than the sprites. Are you sure that you're importing and resizing them properly? For future episodes, I second Dark Karate's suggestion on making sprites completely from scratch.
Sound: Great usage of various videogame sound effects (finding "free for everyone to use" sound effects that are just as good as professionally made ones is hard as hell) and clever music selection. Bonus for not using some stale/overhyped mainstream song like MaelstormM or the All Fads Die game. That and using Audacity to edit the sound. However, I think you should get Xarnor, Hades, or Xenogenocide to make some music for this because you can only go so far on music taken from various games and bands. By contrast, the voice acting is horrible with almost all characters having no emotion or specific traits aside from Tomamoto's parts, especially his Ron Perlman* impersonation. (*He was Stryker in MK: Defenders of the Realm.) Plus, why did you have Rina-Chan in this considering that it was going to piss off the Street Fighter Chode guys?
Content: Last, but not least, the content of this is one step in the right direction, and two steps in the wrong direction. On one hand, I enjoy your fight choreography and timing. One thing that sprite movies usually get right is staging, something that people here should study. On the other, the plot, the pace, and the dialog are just execrable. The story, is not very cohesive, needlessly slow/drawn out, and littered with plot holes. Plus, the script is unintentionally funny due to how badly written it was. (Why would Stryker use internet slang? It's never a good sign when people use internet slang as character dialog.) May I also recommend that you get a co-writer/editor? By contrast, SMBZ, Rick's Adventure-Legends, and Final Fighting Fantasy were better written and directed.
The Good:
-Nice drawings
-Great fight choreography
-Fitting music and sound
-Not another SMBZ clone
The Bad:
-Not much animation aside from the sprite segments, and they could have used more polish.
-Horrible voice acting except from Tomamoto
-Badly written and directed
-Needlessly slow (Slow pacing is fine, but only when it's done right.)
-Inconsistent in style
Overall: R1665, CE-Rap, here's a seven for both of you and I hope you take these (mostly) constructive crits to improve on this so you don't end up like certain has-beens on this site.