Well...
Half of it was hilarious, half of it was nauseatingly boring. It had it's moments, both good and bad.
Mostly bad... hence the 4.
For a start, when Snake said "shut up" near the start, and sometimes when a few of the characters rant on a bit like it isn't actually a parody (namely Otacon) made it seem like something of a sad imitation of Egoraptor's work. And the most "nauseatingly boring" part had to be when Snake said "what the eff?". That was utter crap.
But, like I said, parts of it were funny. When Naomi kept getting hurt, for example, and Snake's appearence when Raiden called him old.
Back to the bad parts, the animation on the characters- particularly Meryl- was far too smooth. It kind of ruined the Awesome atmosphere that the original cartoons deliver.
Script and a little animation is what needs work, really.
And don't listen to SirPat (below me). He ignorantly implies that no-one but Egoraptor can effectively spoof Metal Gear Solid. And he's wrong when he said "why would you make a metal gear awesome 4?" and "Metal Gear Awesome is his series!", because this is not Metal Gear Awesome, it is Guns of the Awesome. When/if Egoraptor does get on to his 4th episode, it will probably still be focusing on Metal Gear Solid 1- and he's hardly likely to skip ahead.
Anyone reading this who hasn't seen SirPat's review, it's the one right before me. You should really look at it- a real insulting rant of the "I'm right and your wrong" variety.