Well, yeah. There's no arguing that Super Mario World is the greatest thing since BBQ Baked Pizza. Sonic is really only worth a laugh now, so on that note...
Here's a series of five flash movies from Newgrounds. Its essentially a ripoff of Robot Chicken done Sonic style. Bear in mind, you're only going to get some of the jokes if you're a Sonic fan, but most of them don't go beyond the realm of casual knowledge. I lol'd until it hurt.
Volume 1:
http://www.newgrounds.com/portal/view/427405
Volume 2:
http://www.newgrounds.com/portal/view/436074
Volume 3:
http://www.newgrounds.com/portal/view/441881
Volume 4:
http://www.newgrounds.com/portal/view/452173
Volume 5:
http://www.newgrounds.com/portal/view/484130