Pirate Baby's Cabana Battle Street Fight 2006
 

i guess this counts as animation (could also count as a videogame even though it isnt)

http://probertson.livejournal.com/

don't know if the 12 minute vid (112 MB) still has a valid link.

some of the animation will remind some of you of the game Metal Slug (a LOT of it will remind you of metal slug). even the characters powering up seems like rips of Neo Geo Pocket fighting games. but overall a very nice 2D animation