No detraction from their achievements but far from perfect:
Any comments on the nozzle burning through; it can be seen clearly at 1:05-6 http://www.vimeo.com/3531197 flying off "vertically"; look carefully and the nozzle is heating up then "ping" - once the nozzle cone has gone then the burn starts to go turbulent.
This is also very clear in the high-speed footage of this event from the www.copenhagensuborbitals.com site.
Also the engine shutdown seems very messy - lots of random bits'n'pieces thrown about (e.g. down through the flame) - looks like the top of the inside of the booster section sucked down through the ignition chamber.
Well this stuff will be fixed I am sure and congratulations to them.