Things I liked:
Mario & Toad: Reunited. Very appropriate and very brief.
Raccoon Mario: I Believe I Can Fly. Perfect choice
MegaMan & Beat: Bird is the Word. Well chosen song choice
Things that just didn't work, IMO:
Simply too long overall, worst example is the Battletoads speeder section
Too much milking the camera where the character either just dances back and forth and squats up and down, ala the MegaMan & Princess Toadstool.
I was undecided what you were looking to do at first, but I can see you were just looking to pick the perfect song for the corresponding game. I think that idea has potential but in order to give the video mass appeal you need to bring more focus to the actual videos. Mega Man, for instance, had some well chosen music, but it just isn't that interesting to watch him glitch back and forth for a few seconds once the novelty of the music choice has worn off.
So, yeah, don't send send this in to the Sundance Film Festival or anything.
I'd say you could probably make this concept into a brief and entertaining little video with a bit more work and creativity.