I think some of it is funny, but nothing truly LOL. Some of the VO writing was pretty clever, but again, nothing note-worthy.
The hand-held work was really annoying and distracting. Either get a camera-op that can steady a shot, or buy a tripod.
Some of the shots were really cool. I like some of the ideas, and you worked well with what you had.
The lighting was dull and non-existent.
The sound was amateur, but for most of the film at least I could hear what was being said. A boom and sound design will greatly increase the overall sound quality. Which will in turn boost your production value.
The editing wasn't bad. I think this was one of the stronger points.
The entire cast are clearly friends, and just having fun making a film. This is a great way to start, naturally, but if you want to jump into serious filmmaking, you'll want to get actors for your more in-depth projects (also, getting a few adults involved will up your production value as well). Also, sometimes the actors were too aware of the camera, as well as winking at their own performances.
I think this is a great start. I think you need a bit more gear, you need to utilize more film techniques with lighting and sound, and you need to get a tripod.
Good luck.
