Not bad...
...but needs a bit of work.
I am in pretty much complete agreement with everything PenguinSam has already said. I will add a few things, though.
I want to first stress that the song sounds very empty. I really sounds bare and needs some stuff going on in the background to really sound nice. It's not bad, but it could make it alot better.
Also, I noticed (this could be just my preferences, but...) that alot of the sounds you used such as some of the synths and the drums sounded fairly cheesy. You may have done it on purpose, but stuff like that can bother me alot. Best advice on that would be to experiment and just pick sounds that "go best" together. I suppose it just takes alot of practice and experimenting.
So, that's pretty much it. Good luck in the contest. :)