Great, but could be even better.
(This is one review for both parts A and B)
Unfortunately, this seems like a small step backwards compared to what we've already seen from you, especially after the ingenious 14 Days, 5 Minutes parody series. The voice acting is one of the biggest culprits here - not one, not two, but all three of the main character's voice actors have noticeably low-quality microphones. Most of the secondary characters, by comparison, have little to no trouble. Simply taking care of that would solve one of the biggest problems I have with this. It's just kinda weird, especially after most of the 13/14 nobodies did it well previously.
This has also been a constant for a lot of your stuff, but there are some obvious mispellings in the subtitles, and places where the subtitles deviate from what is actually said, with results that vary from insignificant to changing the meaning of the sentence. It's a small quip, though.
As Metaklight said, the voice actors shouldn't speak so quickly, and/or mechanically. One scene that comes to mind that could be improved is the monologue after Maleficent 'dies'.
And now the good stuff! Your animation has gotten better, and the opening video was your best music video yet - in fact, I just bought the song used in it from iTunes! It's also good to see that the battle sequences don't sacrifice as much art for animation like in the fourth part of 14 Days - they're executed well, particularly Aqua vs. Maleficent.
Like always, there were parts when I simply burst out laughing. I won't spoil them, but they're there when you least expect them, and that's what makes it so funny.
Also, personally, I can't believe you didn't make fun of the armor appearing out of nowhere when Aqua, Ven, and Terra left the Land of Departure - that was a major 'WTF' point of the game for me.
Anyway, great job! I can't say that this part will go onto my favorites list, but I'm still eagerly awaiting the rest of the series!