The first sequence is nice. From then on it gets progressively worse.

The blood seems to contrast too hard where you didn't edit...The unedited blood looks decent and where it's edited it is too smooth/smudged... looks bad. Don't smudge the blood into the background.

The edits you tried on Sonya and Jax are awful, you should have just not edited them.

It makes no sense that the last sequence features Sonya with pants edited to look like her MK1 pants, while the prior sequences do not...
Your effects are a little too... cartoony for my tastes, try using more distinct colors and opacities.

Also, the flaming torso seems like it's just levitating there... and is Sonya blowing more fire/deadlykissmistshitwhatever at Mileena? Double lame.

No shadows.

It's progress, but it's still not great.

--Edit-- Just forgot say that I do like what you did with Mileena's hair.

I think the first 3 slides are all done well. I like the idea of using a sequence of panels to demonstrate a fatality. It's the last slide I find confusing. Is the body supposed to be floating?

Yes its supose to be floating so you can see the body as Jax lets go of Mileena's head. He should've made a 5th panel showing the body on the ground, and have Jax and Sonya doing their winning poses or whatever.
The BG should be darkened alittle because its a fatality right?
I really like the sprite edits though. I didn't even notice the way Sonya's pants were till I read Mkrocket's post. I like the blood splattered all over Jax and Sonya though, I've never seen that in a fake before.

Damn, Grey's siggy is wicked lol

Cool fake, it looked like you put work into it with the details and such.

It's a basic idea but I like what you did with it