Not the worst I've ever seen, but far from great. That's how I'd sum up. Good work with adding some FX though
As said above you need to put a little more work into production values. I could help you with an edit job or 2 if you think that'd help, perhaps demonstrate some editing tricks. 99% of editing is having a sense of timing, to some people this comes naturally - but it's not too hard to learn.
A steady cam would be a great investment for you guys, and invest a little time watching Film Riot (http://www.youtube.com/user/filmriot
Sure tuition with real crew is better - but if you don't have the contacts, the time, or the money then Film Riot really is the next best thing.
Very good insight into how to improve production values. Also cheap ways to make important pieces of equipment, such as mounts, dollies etc.
You're using a good range of costumes which is great. It would be good to see higher quality costumes too though - perhaps something you can work on over time.
From what I've seen you're also making an effort with the storyline, which is great.
I think the best way you could take production is attempting to make the vids more cheesy than they are, it makes it alot easier for people watching to ignore small mistakes - at least until you guys get a little more experienced
So to sum up: Good effort! - just try to improve your production values