I like it.... it can definitely made more interesting as a standalone piece, though.
First iteration of the sequence... to me sounds like there is something missing, maybe a melody line. Maybe at 00:21 you can repeat that whole section again, but this second time add a line on top of it, what you have at the beginning sounds to me like an introductory accompaniment line which should be built on later.
Right now, the slower interlude at 00:21 seems a little abrupt. Maybe you could ease into a little more carefully.
Something else I felt, if you slowed this down a lot and made it ten times longer, and built more on the slow bit at 00:21, you would have yourself a decent minimalism piece. I say try for it, see what you come up with.
The sequence is very nice, the chord progression.... but I feel you could just have a more 'tangible' melody line, right now it sounds more like a rhythmic accompaniment to something else that is missing.
Melikes.
