A Well-Done Flash Game
I recently tried out the game you made. Here's what I think:
I must say, I am impressed. The characters were easy to control. They all had various attacks, thus requiring the player to come up with different fighting strategies for each one.
The sound and music was great. I especially enjoyed the announcer's voice. It sounded crisp and fresh.
The graphics were done all right. You could do a little improvement with the stages. The sprites were fine as they are.
The problem I have with this game was during the third stage of the Adventure Mode. The speed was slow and caused some complications.
So, in summary, the only thing I suggest is to work on the stages' designs a bit and fix the problem with the Adventure Mode's third stage. Other than that, you're good to go!