This is pretty cool, the graphics are definitely twice as good as my version. The actionscript could be further improved a little though.
Good things first. Yours had a preloader and a well done title page (albeit long). The drawing itself was very clean and didn't have duplicates (like mine) while going diagonally, making for a clearer picture and end result.
Now for the bad. Your control over the pen isn't accurate to actually using an etch-a-sketch, basically meaning it was pretty easy to draw what a normal etch-a-sketch would take a greater deal of skill to draw. Your beginning was pretty long and got boring.
Good job.