Erm.... I have to disagree on the "not bad" part. It has some good footage, but there are 2 main areas that really ruin this for me.
Number 1 is what every editor should know that wants to do work like this. Do NOT use transitions. Use a wipe. Use a fade. Leave the rest of that to the iMovie editors.
Second you had some nice action shots but you moved the camera a lot, and when you move it in-flight it produces a jerky motion. I can live with this one, but if you're looking for constructive feedback maybe it will help. Try internal views, as well.
