In dire need of a few touch ups.
Hmm..well I'm going to try and be as constructive as possible in this review and try to recommend a few things that might come in handy for your next movie. I hate to vote bad on a movie that goes over the 2 minute thresh hold because I know Flash is a painstaknig procedure.
First of all, your visuals are very very static which makes for sluggish movie flow. Just having still-sprites moving across the screen makes it feel like those old videos they show in history class when the camera focuses on a page in a book and shakes the camera around, adding shooting effects, to make it feel like the viewer is there; not very effective. Not to say that this can't be fixed. Try finding some sprites that move, there are definitely moving sprites of Link you can incorperate into the movie. I know it's a pain to line all the different frames up, but the result is much better than static sliding images.
The audio choice WAS good, but I would highly recomend streaming it. Since there was no preloader the movie just started up and I couldn't stop the music. Streaing the audio barely lowers the quality and it makes it more user friendly for both dial up and cable users, just in case they want to rewind.
No interactivity, try downloading a preloader here on NG; they're pretty spiffy.
Here's where your story comes in. Your diolouge is alright, but it's those character portraits that are killers. Zelda (garnet?) and Link (Cloud) photos kind of take away from their effectiveness as characters in the story. The RPG format as a means of battle IMMENSELY detracts from flow. I hate to knock that for being a detriment to your movie since it's the movie's style, but it just makes things take much too long and feels like we're being cheated out of real action. I suppose it might work if you movie the spells and sword slashes a bit faster..basically speed is the key factor in the fight scenes.
Try watching some sprites movies, most notably 8-bit theater, to see how people have worked with RPG format style fighting. Also, try to center your backgrounds on the screen, they wbere lopsided in some screens and the stage of Flash was showing. Just keep on trying, practice will make you better in time and maybe move you out of sprites into character drawing animation sooner than you think. Hope that helps some, good luck.