Think what you will of Monty Oum and crew's work, but there's no question that they are experts in producing weapons-grade fanservice.
For the record, I don't see what's so horrible about them. Fan service is fan service, and it's even more laudable that in this case the fans are serving themselves. It's harmless. You could argue that Advent Children is worse, since it is an officially sanctioned, purchased product.
Obviously I'm not going to be a dolt and say that they gain nothing from making these. Videos might be free, but the notoriety they earn is priceless. This is a step in the door to all manner of industries, creative and technical.
But I digress. It's much shorter, and I'd say they've dialed it down a bunch from the second video. I'm not sure I appreciate that the chicks are getting bloodied now, what with levity being a key attraction for me, but seeing Hitomi steal Tifa's materia was worth the wait. Then again, Hitomi doing Wing Chun? Isn't that Helena's jam?
As you watch it, are you facepalming or fan-fapping?