It was alright...
PunchOut is one of my favorite games of all time... and this flash wasn't that bad. I thought the Final Fantasy 7 references (the music and battle like system) were out of place and have been done too many times before. Maybe you could of did the standard boxing view of PunchOut during the fight scene but had the graphics of a street or alley instead of the boxing ring. You had a good use of 16-Bit sprites and a good concept. You had a few grammar problems but the flash was still viewable. I don't have the exact grammar mistakes off hand but I'll send them to your E-Mail address if you need to know them.
Overall: Good Sprite Use, Good Concept, Grammar Mistakes, Out of Place Final Fantasy References (Oppinionated), lots of potential.
Final Score: 6/10
Waiting for Part 2 :)!