Very Original
Graphics - First off, your artwork is amazing, and really goes with the whole mood of the story. Your animation is also very fitting to the atmosphere. The characters were all very original, and suited the piece. There is nothing I can see that needs improvement at all. I suppose a suggestion might be that when the person awakes from the nightmare, the transition from black and white to colour might be a bit more gradual. Maybe you can make the colours of the background and such be a bit less bright, unless you were going for a sudden transition, so as to show the viewer the contrast of nightmare and reality.
Sound - The music was perfect for this film, and really identified the emotion that the characters struggle with. It helped to bring more depth to the entire movie.
Style - Your style is reminiscent of the old-timey fable look, but hints at a more original, modern apperanace as well. Personally I was greatly impressed by the way the environment keeps the viewer rapt with its excellent movement and the character's emotion, which is well shown through gestures and facial expressions.