A good core to build on - though it does need more variety and in particular a way to guage what the relative threat of each encounter is. With a few choices along the way to add variety rather than simple "You get X", and maybe additional attack methods to add some depth you could have something neat here.
I will also echo the comments that the initial font is illegible - fixing that and having a longer loop for the soundtrack should be high on your list. Graphically pretty good, though the UI doesn't hold up to the rest of the art.