I've just had a quick look at your demo video. 2 minor things struck me.
1) It's really blurry. Can I suggest you either re-encode it at a higher resolution, or perhaps record it on a smaller screen resolution (that way you can keep the file-size down, but can keep the bit-rate higher).
2) The timeline has no markers. It might be nice to add some little indicators to give the user a visual indication of where the versions lie on it.