Recording quality of an amateur; arrangement of a pro. Like said the progression is simple, but varied and compelling. Lyrics sound magical (to me ><), which might be good too. Maybe the overall sound is a bit 'dated', but I think this song has the qualities of a hit song.
Well, maybe the vocals could be a bit more polished. And that MIDI-guitar is wack. I suspect all the flaws off this song would disappear, if more time is put into it. I hope there will be a remake.
Nice story of inspiration too. (Not that I personally take that in account; the stars are for the song.)