Another original, another review.
I can see where you got your inspiration, and I can make the connection to MMX easily (fake guitar and rock sound + synth, yay). I think you sort-of overkilled the sound, though.
That 'guitar' sounds too much in-between 'fake' and 'real', so I'm getting an 'uncanny valley' effect, here. If you're going to go fake, make sure it's really synth-y - that's what made MMX guitar so classy, back in the SNES days (Protricity made a great example of this on the OCR track 'Brainsick Metal' - check it out sometime). Either that, or you can try to make the guitar sound more realistic one way or another (better samples, more human execution, dynamic variation... a combination of these things). The guitar right now just sounds like it tried to go for both and missed the mark on both fronts.
The soundscape, while fitting for the SNES, seems like you could've filled it harmonically a little bit better than with the keyboard synth you used. Experiment using simple textures rather than block chords with more solid synths - you'd be surprised how much better the soundscape could be filled out.
Otherwise, the loop is quite effective - the point of repetition is rather seamless (even while a little obvious with the silence - that's not a bad thing, really). Go, Megaman, go!