No, it's not bad at all - and like you say, it's not final and perhaps acts as more of a foundation as you add all the layers later on.
All I was going to comment on were some ideas...
The intro section is good. I like the way you've got that left speaker/right speaker thing going. It sounds like there are three tracks: "chord picking", "melody (right)", and "harmony (left)". The tone on the "melody" sounds really good and it acts as the prominent component. IDEA: Why not fade out the "chord picking" track only approx. one bar before the second section begins. That way you're just left with one guitar before the transition. It will give 'closure' to the first section and sound cool/eerie. (Even better if you increase reverb/echo on "melody" track).
The intro piece to the second 'section' -- I think at the 2:00 mark -- is a little long and could be cut in half as many bars. It's somewhat dangerous to have a solo guitar play like that in a repetitive manner for that many bars....
When the tempo (strumming) picks up in the second section is really cool. Keep it as is. (Although a bass track here would add a cool dimension, making it sound just a tad fuller).
Section 3 is very cool, leading into the distortion. Good drums here. The distortion has been improved somewhat (although still not as nice IMO as what you have on "Solitude" but I assume that's a more 'finished track). The bass lines here work well.
The last part ends a little abruptly. I think it would sound really good if section 3 just kept building and building to something more climactic. You've build the tension all the way and you really want to aim towards getting a strong finish in there. All you need to do is emphasize what you've already got. Perhaps even try to work in melodies from section 1 and 2 to make it all well rounded.
Ignore me if you wish, heh. We run a webzine here and it's our job to dissect music so don't blame me. It's in my DNA!
Overall though, this could develop into something really quite powerful because your foundation is good. Give it a break and come back to it perhaps, but I think you're on to something here...