Well, I have to agree with you it was better than the first Captain Obvious is some ways, in others not (I'm just stating this, I'm not going to be comparing the two).
The plot was alright, but felt very rushed in spots and I don't feel it was as close to the theme as it could have been. The characterization was also fair, but I think it would have been better if you had again portrayed Captain Obvious as sort of an over-the-top obvious guy. Some of the voice acting could have been better, particularly the three agent guys and the man with the fez (he talked a bit too fast at times).
Now to the positive stuff. The lighting was great, I'll give you that. Really nice lighting. I like the parts with the reporters/news anchors, I don't really know why but they looked really good. The movement at emphasis points was great, since it gave a very realistic feel. I like the part with the fez man, especially when the camera was tilted, then un-tilted (and Dr. Duh "duh"ing in the background. I almost laughed when Cap. Obvious said "Crawme broke out!," I wasn't expecting it. Smeagol's voice acting was superb, I definitely think the Light of Evil's voice was perfect.
I'm going to give it a total 4/5, if you had had more time I'm sure you could have fixed the faults.