Nicely Done
I really like what you've done here. The graphics and FBF animation are by far the high point; the graphics have a very distinctive style to them, and have intense detail. The FBF animation for things like the string weapons and beams of light had decent easing, although too smooth and the animation would have lagged a bit. I will say that the animation you didn't that wasn't FBF could have been a bit better... As a whole, the animation didn't have that hypnotic look like a really smooth animation has. This is something I have yet to see in an animation that is not FBF, however. The fighting style itself wasn't exactly my style... Not too many characters dodged any blows or shots, and combos were generally very short. I'm really into hand-to-hand combat, and I'd personally say I'd have preferred lots of smooth choreography and martial arts thrown in, but I guess you can't have everything.
The sound quality, music selection, and voice acting were really superb, and I'm especially appreciative that the female voice actress didn't sound horribly feminine.
The story... Well, I couldn't tell what the hell was going on in it. Although the voice acting and dialogue was fine, it seemed like you tried to add a layer of complexity to the animation through storyline, but it wasn't executed very well. All in all the dialogue had me rolling my eyes at points, and the plot did not impress me at all.
I can see you put lots of time into this, and I think it turned out really well. It's also really, really long which is definitely a plus.