I can't honestly say that I remember this from Tyrain, but then again the only memories I have of that game are of my friend and I sitting on his computer coop-ing it up on one keyboard... good times.
I would have to say that this is one hell of a lot better than I could do after year one! BUT... personally I think that the instrumentation gets a little old after a while. Not really liking the old style electric keyboard sound that is your lead at 1:21, but the melody it carries is very nice, and thats usually what I personally focus on anyways, not sound quality. I love the way it flows though, especially with that synth bassline which has an almost percussive sound to it, almost eliminating the need for percussion at all... but its still probably a good idea to incorporate some sort of drums. If you wanted you could probably add some explosion sounds instead of cymbal crashes or something to add a little more Tyrain-ish flavor.
But hey, I'm not a judge so what I say, in the long run, really doesn't matter at all.