You did a nice job on this, but the reason I don't like it is because it is just music with a bunch of characters popping up, I wanted to skip to the end after seeing it once.
I like where your going with this, but you can't name a character for every game that mugen draws from, it just can't be done, so don't worry about taking out a few to put something more compelling into an intro video.
Some good examples of commercial game intros are Soulcalibur, Tekken, Streetfighter, etc...
They show characters, but they propel themselves forward, and are pleasing to watch.