I dunno . . . The Japanese have done much better fanfilms in many cases.
As for this film, I'll speak from my own experience as an amateur filmmaker.
The optical effects are pretty good! (I've seen much worse, like some crappy US-made DBZ fanfilms, for example, which had some really terrible optical FX work.) The cinematography and editing techniques are not too bad. Also, at least the characters were audible! (The makers of Way of the Spider and Star Wars 1937, for example, have a STEEEEEEEP hill to climb; I couldn't make heads or tails of what the characters were saying; They need to learn about microphone placement, or at least looping.)
The titles REALLY need work, though. Seriously. This is something people should've learned in college. (This is also something I figured out BEFORE college!) Something not only aesthetic, but easy on the eyes. The title looks amateurish (Times New Roman? Please.), and I could HARDLY read the credits at the end!!! (White font, or at least a legible BRIGHTER COLOR font, over black background makes better sense than a dark color over black background.)
And most of all, there's no good view of Megaman himself, or any buildup to his appearance! He just whizzes around nonchalantly in his costume for some split seconds! It barely looks like Masked Rider G3, from what I was able to make out!
I admit my own films are not exactly as great as I'd want them to be, but I learn from the best (Ishirou Honda and Eiji Tsuburaya, for example). But that's just me.
