Very Nice
This toon was very good, it had its own mood and the voices where very very good, the animation was good as well. Just a few suggestions.
At some parts in the movie the sound would hit 0, or spike to its limit and distort. It makes it sound harsh and just bad, You can fix that by lowering the volume. In the case that the audio is already bad to start with, you can clean that up by getting a audio program like cool edit pro or Adobe Audition, or have someone who has the program to clean it for you. Check around on some forums.
Your animation is good, MUCH better than most out there so take this crit purely as constructivly because so far your pretty good in this area. Heres something to improve. Some of the mouth movements are unconvincing, though you can hide this by hiding the characters mouth or zooming the scene out a bit. But if you take some time making a few symbols for each mouth shape you can make a convinving lip sync. Just practice by taking your mirror and seeing how your mouth looks when saying certain vowel, letters and such. Then try to draw that, make it a symbol. And swap them out when the character talks.
Next bit of crit would be suspense. Some of the spots in here are a bit sudden. Such as waking up and finding the Gnome guy in a tree. You could milk that, have the main char look around for a bit calling for him till he find him in the tree. Next, try brushing up on the anatomy a bit becuase some part the guys look a bit strange. And also try to clean up your lineart for the chars. And lastly, use a bit of symbol animation here or there to put some life into your talking parts. Like head movements and eyes movements instead of solely making a statue char with only thier mouth moving.
Great stuff man, keep it up, hope to see some improvements next installation!