I've killed soo many beavers playing this. I think you've succeeded in giving it that hard arcade feel. I just have a few random ideas.
It would be cool if you could give the beaver some acceleration. So instead of hitting the ground running full speed, he would start standing and accelerate up to speed. The same could be done for the speed power up so the speed change wouldn't be instant. This could also be used to make a progressive game mode where over time the beaver runs faster and faster.
I'm no animator but I wonder if it could look cool to have a turning animation. Also it might look cool to have some effects such as skid marks in the grass or puffs of dust when turning. It could also look cool to give a dust trail like Looney toon's roadrunner when you get the soda powerup.
Lastly gibs. It would look pretty cool and make dying a reward in and of itself if beaver bits got blown all over upon exploding. That and a little screen shake would make the expositions pack more of a punch.
Anyway just some random Ideas. As it is now it looks pretty good. I especially like the menu.