Good, but a little rough around the edges.
You have a great sense of humor and direction. I like the blend of drawn and sprited work. Last, the sound is PERFECT. But there are two interrelated problems: graphics and presentation.
The graphics in this piece seemed a bit off. It looks like you did any editing of the sprites in Flash or a barebones editing tool rather than using a pre-edited sprite or editing your own. This means most of the edits looked...well bad. I understand some of it was intentional, but more often than not, it made me cringe. This was especially true in the last section. While I like how you tried to make Link took as though it were from a 3/4 prespective, it just looked stretched and skewed to me. It would have been better to make a true diagonal sprite from scratch...and if that was from scratch, you needed to do a lot better on that one.
The other issue I have is presentation. While this is presented well, some of the choices you made were not the best. I know you want to get that "scratchy" line feel, but there are times where those lines were hard to read. There were other times sprited/pixeled effects could have been used instead of drawn ones.
This is a good Flash, but nothing upsets me more that a good or great flash that is just a tad short of outstanding.