Not bad.
The trick to good choreography is creativity. Although your animation is decent, you rely too heavily on cliched sequences. (I.E. redundant mid-battle transformations and that giant energy blast tug-o-war that everybody and their mother does.)
Not everything has to look like Dragonball.
Also, I must commend you on those powered-up Ryu sprites you've got there. They look awesome and I'd like to know where you got them. HOWEVER, from what I could tell from the flash, it looks as though that Ryu sprite set wasn't complete. I noticed a conscious effort on your part to avoid complex sequences with them.
You might also consider increasing the frame rate slightly. I normally don't think that simple frame rate increases can make flashes better as a rule, but there at least must be a minimum that will be dictated by the sprites you use. (I.E. MK animates well at 18-20 FPS. SF3 may require more.)
Lastly, I'll reinterate what everybody else is saying. You need sfx. Claiming that their absence is due to "artistic" reasons is noting but a cover-up for either laziness or impatience. Ryu and Ken aren't up there doing interpretive dance at the State Theatre, they're engaged in battle. Take the time to sound it.
Just my two cents.
R1665