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Sounds nice but I think you should look for a lot of places where to improve. I don't know the original song, but I'll hear it later, maybe once you fix the BBCode url tag in your link, since I don't want to move myself too much to copy and paste.
And hey, you didn't forget the file! You are learning from your mistakes!
NO, BETTER YET: Hit the quote button above my post and see how I did the tag.
URL TO SONG: [url=http://www.youtube.com/watch?v=hXTjpE3B5xI]Available here.
EDIT: You are apparently going the right way with your cover. It's nice, but still see if you can improve something.
In frames 01 and 02 you should separate the MMC5 notes a bit more from the 2A03 ones to achieve true echo. Less volume for MMC5 would be mandatory, and if you want to give it a cool sound, detune the echoing part a little. Try that and see what comes of it.
Also, I'm getting a weird feeling from the last frames. I know it's WIP, but if the chords sound strange try to fix them by either correcting the notes of by eliminating clashes (if there are any).
Up to now it goes pretty well, so keep it up!
EDIT:[quote=TEHMEGAMASTAH's YouTube account in that video]I am actually making a Famitracker cover of this based off of the Sunsoft NES games[/quote]
Actually, you ruined it with MMC5, but I'd say it doesn't matter very much as long as it sounds good.
Yeah, that would be nice. But if you analyze it, NES music is all about knowing how to fit a melody in 4 or 5 channels. If you can do that, consider yourself great, because not everyone is able to make something really cool out of the internal channels (I'm not the best example. Everytime I have tried internal only I have made pure crap). I hope your song ends up nice.