The poster has no clue about how fair use works.
Honestly? Neither do you.
So it scores highly on all four criteria. This is absolutely fair use.
*Sigh*. Fair use is a set of legal guidelines - not a checklist or a scoresheet. You can "score highly" (whatever that means) on all four (the actual four), and still be found to be infringing. Fair Use is decided on a case-by-case basis using these guidelines and the principles behind them.
2. Is it transformative? That is, does it use the original work as raw material to create something new, rather than just copying it for the sake of copying it? Yes it is.
And this is a prime example of what you have no clue about - the question isn't "is it transformative?", it's "is it derivative or transformative?". As it re-uses character names, history, and distinctive costumes - a very strong arguement can be made that it is in fact derivative.
But in actuality, fair use of copyrighted material isn't even the issue here - it's the use of trademarked material. (The names, color schemes, costume designs, etc...) Granted, it's unfair to the public that companies can use trademarks to make an end run around copyright, but there is no fair use for trademarks.