Nice Job!
I always wanted to try something with Spy vs. Spy in Flash after seeing it on MadTV every now and then. Looks like you beat me to it! Yeah, I thought the Mountain Dew Commercial was pretty cool too.
It looks like you're trying to trace over the actual comic strips due to the narrowness of the Flash movie window. I understand what you did and that's cool, trying to keep the dimensions of everything just like the dimensions of the strip. I would suggest tracing the important elements like the Spies and their props and the thought balloons and everything and redoing the unimportant stuff, like the fence and sidewalk. Illustrate those yourself just so you can open up the Flash stage a little more.
Keep up the good work! It'd be nice to see a series of these!