Overall I liked many of the component sections, but I felt that generally the melodies were repeated verbatim too many times throughout. I hoped that we'd get to hear more examples of taking motifs and snippets of the themes and combining/modifying them in a development section.
I really enjoyed the opening fanfare (:17 to :37), which was very dramatic and led me to set very high expectations.
I enjoyed the way the Brawl theme snuck in around 1:30. I think this interplay could be leaned on a bit more elsewhere too!
The transition at 2:00 felt a bit weak/sudden; there wasn't much leadup to it, and it clashed a bit with both what came before it and the subsequent segue into the Brawl theme.
3:07-3:11 -- I really liked this deviation from the original Ultimate line.
All in all, some condensation and variation would spice it up, but well done!