Ugh...
I'm pretty sure those who keep saying "OMG GR8 GAME!" have yet to play this, but noticed that there were video game sprites, so figured it was going to be awesome.
I appreciate and respect the amount of effort you likely put into this, but it doesn't work. This is not a game that can be converted to Flash. At all. This was utter rubbish, frankly, and I think most of newgrounds are afraid to do anything but go with the crowd and say it.
I can't really comment on the graphics, because most were sprites, so they weren't yours. The ones that were yours I admit were alright, even though they were heavily pixelised.
The controls were god awful. Ever wonder why platformers don't work in flash? It's not programmed to do this kind of thing. The item system was complete crap, I had no idea what the hell anything was doing with them, at first I thought an item was in my hand (and by "in my hand" I mean floating a couple inches next to my head) and then I was being propelled into the air with it. At the very least you could have made some defined animations for them so you knew what the fuck they were doing.
Try not hiring prepubescent nasal girls to be the announcers next time. I had to shut off my volume out of frustration.
I admit you did good with the outside characters, as there were a lot, but it didn't work well either because 90% of them were carbon copies of the rest.
A for effort, but effort doesn't nessacarily make entertainment. The only entertainment that could be drawn from this garbage is the futile clinging to the hope that it might get fun at one point, which it never does, unfortunately.
Platformers in flash don't work. One on one fighters in flash don't work. So this was destined to be an atrocity. Sorry, try again.