I notice that everyone else here is either too nice, blinded by nostalgia, or remembers the first game, and wants to get his review in first, so he doesn't play this game, and gives a fictional review.
But this review is going to be brutally honest.
Update: I've gotten a chance to re-write this, so I amending the mistake of judging too early by re-evaluating the game based on new experiences.
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Here is a list of my criticisms and commentary:
1. The controls.
The first glaring problem is the controls. The fact that I have to set control based on pre-configured schemes is pretty irritating. You explained to me earlier that this is because there are a few buttons that need to be hard-coded to be hidden from players. So how about making those, and every other control, customizable, BUT, put the special controls' labels as e.g. "SP 1", "SP 2", etc. That way, nobody will know what the control does, but they will know that it does something, probably serving to activate functions for certain power-ups. If you can make the controls dynamic, and customizable by the player, then that would be amazing!
In addition to this irritating "fixed controls" decision, the controls themselves are a little awkward. For example, in scheme 5 (the closest scheme to what I would have set it to if I could), why are the action buttons h,k, and l instead of j,k, and l? Why does jumping arch so bizarrely? I recall Super Mario Bros. 3 having a much wider parabola, and a slower descent, and seeing as you are emulating the games for the NES and the SNES, I think it would be nice to preserve the tight feel of the controls.
2. The art.
You'd think after years of development, the art would be a little more refined. But it looks like art that you spent no more than 5 minutes drawing. I don't mean to be harsh, but perhaps you could have commissioned / partnered with an artist who specializes in this kind of thing?
I'm keeping the above for posterity, but you explained that the art was intentionally cartoony to match the look of the first game. I'm perfectly okay with that, as long as it wasn't induced by limitations.
3. The music.
It's all over the place. A lot of the music doesn't fit. In the end, it just feels awkward. The music is at least catchy. It's pleasant to listen to. Just doesn't fit very well with the stages.
4. The style.
The style is inconsistent at times. Why does the first level end Mario-3-style, but level 2 ends like the first Super Mario Bros? With these two clashing styles, why is the map presented Super Mario World style?
You did present them nicely, though. They match the look and feel of the originals. And I guess I am taking this a little too seriously, seeing as this is a flash game, and not a big multi-million dollar production. Fan service is fan service, but it still irks me in a way.
In the end, I have to admit, the style has some charm to it.
5. Game Over.
I've been thinking about this one, and it still puts me off, honestly. This game is supposed to be your Magnum Opus. It's the sequel to your previous game, which was, and still is, very popular. So using a stupid old meme like "EPIC FAIL" just seems seriously inappropriate, and clashes with the overall charming style of the game. I think you should just stick to the tried-and-true "GAME OVER"
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I put this game on-par with its predecessor. Charming, unique, and fun, yet rough around the edges. I notice that this game is a lot longer than the last one, and I commend you for doing this all on your own. I can't wait to see what you'll come out with if you collaborate with other artists! Most of the best flash games you've ever played here were collaborations. Even K.O.L.M., for example, was a collaboration between THE-EXP and the company he worked for at the time. The company funded it, and he developed it. The funding allowed him to focus on the quality of the game while maintaining a tolerable lifestyle; it allowed him to really polish it.
I apologize for the overly-harsh tone in my last review. I felt disappointed by what I saw on the surface, and lashed out. So now I'm giving this game the score it really deserves: a 7 out of 10.