Wow... I mean, Wow...
Wonderful job. Beautiful fight choreography, even better than the first.
I only had two issues. First, I thought the short cut of Luigi and Peach greeting the Toad on the airship was unnecessary. It served little point other than to delay the heart of the flash, which, of course, was the fight and chase sequences. But it didn't detract at all.
The other issue I had was that choppiness of the flash. I run a decent computer, and the first Power Stear flash had no choppiness whatsoever. I suppose I can chalk this problem up to being a longer, more packed movie than the first.
All in all, you did a beautiful, beautiful job. Don't hold back on the third, I'm lookingforward to it.