I love it, but...
This is a tad overrated. Thing is, people are mistaking the graphics for that of Flash. However, the Author's description notes that the most prominent aspects of the animation were done in 3DS, a much more advanced program in 3D animation. So, I find it incorrect to judge it on the same grounds as the typical 2D Flash animation.
That said, this really was a well done and original production, but there were some things that detracted from it too much to be enjoyed time and time again.
Firstly, the animation. Though incredibly smooth in most aspects, it felt awkward. I didn't feel like the characters had life to them. Though I do understand that is a typical flaw amongst 3DS productions, it really does need to be noted, because it made me have to try and appreciate the originality of the submission, rather than simply enjoy it.
Secondly, the speed. It felt oddly slowly paced, and yet everything went by so quickly. I feel like the fights should have been more fast-action, and that there should have been much more development in the battle. Also, we didn't really get to see the finalists until the end. I would have liked to see them as they go from beginning to end, flashing between one of them and then another miscellaneous character's battle until they both meet at the last arena. It would have given us more of an attachment, and a lot more suspense.
Lastly... the humor. Oh god, the humor. I'm really, truly sorry, but the humor ruined it for me. I can see where you were trying to go with it, but the jokes feel flat due to the aforementioned lack of character in each of the fighters. It didn't have the charm that the humor would usually have in the respective author's original submissions, because the characters weren't brought to life in the same way. Of course, that's just another detriment in using 3D rendering as opposed to Frame-by-Frame, so I can't knock you off much for it.
Don't get me wrong, this was fantastic, and I admire the immense effort that must have gone into its production. Given that you work on your artistic vision, giving life to your characters, and your comedic timing, I feel like you could really go somewhere with animation. This just seemed very adolescent as a submission. But hey, I can't exactly argue with a 4.72 rating. Congratulations on your success, and I look forward to seeing how you fair in the future.
Good job!