Definitely a miss
It's as if you knew that people didn't want this to be made, but you were hoping that if you packed in enough self-referential jokes, people would accept and love it like they did the first two. I think it's a good sign that if half your jokes are about how this shouldn't have been made, maybe you shouldn't have made it.
As with the first two, you took the idea of "taunts" (where you hit a button and taunt other players) and perverted it into a compilation of characters just doing any random thing you could come up with to get a cheap laugh. We're all guilty of that to some extent, but when the entirety of your movie is just that, it is not only unfunny, but agitating as well.
The rest of the movie is based off of simple observations about the game, but what blew my mind this time around is that a lot of jokes were made on obeservations-OF-observations, i.e. Meta-knight is cheap. As for the animation, I don't even need to bring up the fact that it was poorly done, so that's all I'll say. All in all, I think myself, and a great deal of newgrounds is glad that it's finally finished. Since I see there was sincere effort put into this (as misguided as it was), I'll still give this a four. I hope your future endeavors hold much higher standards than this.