Nice melody and dynamics within. Gives it some breathe. The reversed parts reminded me of the Braid soundtrack, actually. Personally, I think you ran with it too long though. I think it could have been an interesting/cool effect, but the whole last 2 minutes or so were reversed. Personally, I would have added some light acoustic drums right when you have the initial reverse section start, to add a bit more dynamics/variety. Then in the last several measures, have it reverse. Again, personal preference though.
I think offsetting the guitar and the recorder in panning could have made it a bit more interesting too. Both are center panned with what seems like stereo wide reverbs on (the recorder at least). Even though the recorder is a higher pitched instrument, I think it could have benefited from EQing towards a clearer definition of it; same with the plucking of the guitar, or maybe some compression to really bring it out.
A fun listen, though. I could definitely see this in a video game or some trailer maybe.