Good

Black and White would be nice. [According to the music]

A few pointers

Good concept. A few things:
1) I'd step up the pace a little. You could probably fit the entire plotline inside one loop of the Entertainer, and it would come off as more comedic.
2) When the clown slices the 2nd guy, quicken the slicing sequence, and rather than simply repeating frames from the spraying blood, show progression/accumulation.
3) The people running toward the clown don't need such long passing-scenery times. It's unnecessary for the sense of urgency and/or timing, and actually hampers the effect of being excited to get to the clown. Similarly, showing the clown's face for such a long time before showing changes in expression causes the viewer to slowly lose interest. Try and find the sweet spot where the pause is cinematically interesting and not distracting -- it's right under a second.
4) Even if you speed up the rest of the animation, leave the silent movie-esque captions close to the same length of time. The contrast between rapid animated action and static pause should be maintained.
5) Having the pacing of the action increase with the speed of the music is a good idea, and gives a sense of overall coherence.
6) "The Entertainer" is by Scott Joplin, not Chopin.
7) A replay button at the end of the movie instead of an automatic loop wouldn't hurt.
7) I'm giving you a 3/5 and 6/10 because while you're mostly there, I'd love to see you resubmit after tweaking it.

XD XD

Rather amusing. If there was only suggestion that I would, is that it would have been cool with a B&W or sepia filter to give it an even better "Ye Olde Feel".

It's okay

The animation is good. You could have been a little more on theme with the violence -- I thought for sure the long thin guy would get tied up into a balloon animal, but no! Still, decent work.

The music didn't play for me -- is that fixable?