Quite good
I predict that there will be a surge of good CT flash coming along, what with the maker of Chrono Mirror (a very well-made sprite fight) doing a series, and also this one.
Made me laugh, I must admit. I think, as was said before, it would be a good idea to increase the frame-rate on this so it doesn't look as choppy. Also, when GI Jogger sattacked Crono, or when Marle there wasn't any sound effect. Might be an idea to have a "Thwack" sound effect when people attack/are attacked (not that I know anything about Flash, mind you. I'm just an idea man).
Pretty enjoyable overall. Oh, can you actually win against that "Hit the Bell" game? I'm guessing no, but I was just wondering.