The bass section at 4:50 is fucking awesome. Then onwards from there i think the composition is really good; actually the whole composition is really neat, but that end part especially. I think you should turn the drums up a bit, even if you don't like the sound of them, i think it would give the song a little more kick or definition, if you know what i mean. At around 2:11 when the drums have the delay effect, or whatever, the echo, i think its a cool idea but the timing of it sounds off so i think if that was adjusted a bit it would be damn sweet.
So i'd say the strength of this song is definitely in the composition, it's really interesting. Actually the guitar playing is good too and i like the tone and it works with the chords at the beginning. I know playing chords like that can sound really bad if the tone isn't right, most of the time i just say fuck it and play it clean so that it isn't so messy, or i use the keyboard. So yeah, good tone. Anyway, i think just the drums need work and then you'll have a real solid piece of black metal.
But i should probably mention i don't listen to this kind of black metal very much these days. The last year or so i'v been into black/thrash; so stuff like old Celtic Frost. And i listen to a lot of newer Darkthrone since Circle The Wagons came out, i love that shit! But i used to be huge into Burzum and i think this song is like part of that style. So it's cool but it's not my main style for listening now-a-days.