Straight-tens, voting 5; Fantastic craftsmanship!
I believe others before you have wanted to pay tribute/immortalize the NG celebrity in a fun, almost "Super Smash Bros." meets "Mortal Kombat" kinda style, only to have failed in the light of lack of creativity, and slip-shod effort.
THIS PIECE, however, brings an immersive, interesting and (most importantly) new and fresh take on popular, familiar characters without losing their original charm and personality. All were given justice to their own credit (even nifty links to what made them famous for noobs who just look with puzzlement.), I thought. Each ending appropriate, and gave the player an initiative to dive deeper into the game, unlocking with their "Grounds Gold" and what-not.
The artwork was impressive as you get to watch your fighter and opponent walk, jump, crouch, and duke it out on each other. At times, I forgot I was even playing a flash game; and I was oddly reminded of the likes of the craftsmanship of proffessionally made fighting games like Guilty Gear.
The villains were all portrayed differently from the perspectives of character to character. The two exceptions being the menacing Piconjo, and Convict. Piconjo was portrayed brilliantly as the menacing Bizzarroesque counterpart to Pico, wherine I think this game shall have a lasting influence on his persona for quite some time.
The items and powerups spiced up the game tremendously to draw away from incessant strong or weak button-mashing; something that previous attempts at a similar game design have ignored, and ultimately fouled their own game. Air and ducking combo's helped vary the fray at your disposal, and also made the opponent that much more unpredictable...therefore, more challenging. :)
All in all, I loved it immensely. It probably will never leave the top 50, and will be enjoyed by the recirculating NGer's for years to come. Excellent work!