I don't agree with your preference order in the megaman x series, and i guess the music of this opus (x3) is the worst of the first 5, comparing to the extraordinary quality of the other ones... Nevertheless you did a very good job on this song. Even if i don't like the original gravity beetle particularly, you succeeded to do something really nice with it.
Really smooth and soft. I had pleasure to (re-)listen to this theme. It's well composed and provides an atmosphere a little different that the original one. Something between clouds and dreams, without being romantic-pathetic. Still catchy, even if the envelop is smooth.
The very sharp melody was a very good idea, but in my opinion, you should have took it down by one octave, cause we sometimes loose it when it goes up and up at the end of the first part of the theme. The rest is well structured, no problem. Good beats and drums and simple and effective bass.
Good work overall.