Really enjoying this series.  I love the way you've parodied all of these fantasy tropes, making Whitebeard grumpy and incompetent, Redwood annoyed and reluctant and the Elves really pompous.   There are a few technical issues (some set bumps in the dungeon, and a few out of focus shots in the beginning) but it doesn't distract. 

The bit with Wormface is brilliant.

I did feel some of the jokes, such as the "wearing women's clothing" one, fell a bit flat, especially considering there are no female characters in this series (as of now), whihc makes it kind of stand out awkwardly.

In terms of story structure, the parts themselves feel a bit flat.  Obviously it's meant to be part of a much larger series (and when viewed back-to-back the pacing works well), but taken as individuals the pacing of the parts themselves feel a bit sluggish.  I think it would be better if the individual parts had a self-contained mini-arc, which would help the flow a bit, instead of feeling like a really long film chopped up into arbitrarily sized parts.

All in all, though, I really enjoyed this, and can't wait to see the next part.