The video quality is somewhat lacking but, as we're always saying here, it's the content that counts and I think you did a pretty good job recording the event and editing it.
You chose lots of different locations from which to shoot - this is crucial in keeping the audiences attention. What's more much of this was shot with a good steady camera - you'd hold a shot and let the bikes ride out of the frame rather than always try to follow them.
Generally you cut well between shots although there were one or two (eg 1:59) where the shots were too similar and the effect is a jump cut.
No hosing. No zooming. Top marks for that!
I thought the shot at around the minute mark was held for far too long, but then again, I guess you kept that shot as you wanted to ensure you included every rider.
It was great that you kept some of the live audio - this adds to the atmosphere tremendously. However, I'd have tried to edit out a lot more of the wind noise which was a distraction.
I didn't like the silence at the beginning. If you want silence I suggest putting an ident with audio at the beginning otherwise you run the risk of people (like me) being distracted by checking theuy've got everything plugged in and not muted, or thinking it's a silent movie.
Good idea to grab the comments from the winner at the end.
It might have added something to get some extreme close up shots of pedals, wheels, gears, hands on bars, etc - all useful to add variety and as cutaways to get over those "awkward" edits we sometimes experience. It might also have been useful to record some stuff just for sound so you could add it to specific shots or simply patch up holes where you want to cut out (eg) wind noise.
The 4:3 low definition images came as quite a bit of a surprise in this day and age. It would have been difficult for anyone to recognise themselves in this footage and the visual quality didn't really do the time and effort you have clearly spent filming and editing justice. A £200 camcorder today would produce far better images. Having said that, not everyone has £200 to spend on a camcorder and it is far better that you produced this than didn't film anything. (As an aside, if you do have £200 to spend, I'd probably urge you save a bit more than that as a £500 camcorder will give you so much more)
Thanks for sharing.