You've lost your sense of comic timing already
The first epsoide of waterman was great, you had a sharp script, complete with a family-guy esque randomness and wit, full of decent animation, plenty of pop-culture referances, and was just an overall amusing flash.
The second epsoide, especially on part 2 lacks this sharpness, i found myself constantly asking myself what the hell is going on in this flash, and given it has no solid conclusion, or anything really redeemable as a whole, i think that newgrounds feels a little let down by this. A series like this shouldn't be plot driven, but instead humor driven, which this epsoide was sorely lacking
I don't mean this as a personal attack on you by any means, you've proven that you have a talent in flash with the first installment of this series, but i'm pretty disapointed by this.