I like the instruments and mood, but I'm not sure some of the parts mesh together very well, especially before :32. I think you need better transitions at :04, :42, 1:19, and again at 1:24. It is well-varied and the structure is interesting, but it just feels a little disconnected as it is. The harmonies after :32 are pretty good, but it still feels very random and doesn't flow very smoothly, almost as if there are 4-5 different songs in there. It does loop well, but maybe you could add some drums or builds or something to aid with the transitions, which is my main complaint with this song. Otherwise, it's pretty good, though. You might have to play with the structure and transitions quite a lot to make it flow smoothly, but other than that, it has all the makings of a good start to a piece. ;)