You did an arse of a job.
The new microphone was a wise investment, it really raised the quality of the video twofold in my opinion. I noticed a slight improvement in graphics and animations (the few that arepresent) are smoother, which is good.
Jokes and plot are good, I chuckled to myself a few times. Thats good too.
There was a bit of backgrounds music while in Aethalons tree, that added to the atmosphere, it was subtle but a good subtle.
Make sure as you go with these the characters do develop, stagnant characters are boring.
Also given this being about gamers on an island, you've been using some game related humour, tap into this market and keep the gamer jokes coming, becuase their effectively an inside joke that millions of people can get, which from your stand point is viewers, support, and potentially some money from people clicking those damn sponsors.
I'm thinking the replay screen was a bit week, and you could devise either a preloader or main screen that better sells the episodes, something pretty or funny, just something more memorable then what it is now.
Overall, good stuff, I hope the quality of the episodes continue to grow as this one did from the last.