Well although many things are still incomplete and are being worked on, I decided to go ahead and make a new video to show what's happening, to keep you all updated. It's pretty much self-explanatory :).

http://www.youtube.com/watch?v=4_KG6KodM_U

Though I'll go ahead and explain here. For starters, I've doubled the sprite size (and ultimately the screensize) to add an option for High-Resolution graphics. You can switch between Low-Resolution and Hi-Resolution freely from within the options menu. This is beneficial, since it'll appeal to those who like high quality graphics, and those who like the more retro graphics.

In addition, there is now an Energy (MP) system, where infusing your sword with an element consumes Energy. However, unlike before, once you infuse your sword with the element and throw it, it'll maintain this element until the timer runs out, allowing you to continually perform elemental tosses and slashes. Beware, though, as the Energy cost for all the elements increases by 1 every three levels.