I am biased, cause Chiptune (is this Chiptune? I consider it so) is never my favorite to listen to. But 5/4 is my favorite time-signature (next to 12/8) so I am down for this! I like the waltzy bass, but it goes on for a bit too long. 3.5 minutes of nearly the same bass and little variation is a bit too much - you could make it shorter or add more chords! Perhaps switch off the structure after a while could work too, like you do kinda (but not entirely) at 1:23; try different ways of making 5/4 work other than the 3+2 structure.

Overal, although the sounds are not my cup of tea, I do see potential, and I like the 5/4 structure. Nicely done :D

I enjoyed the nostalgic feel of this piece, but like the others have said it does seem to maintain the same kind of rhythm the whole time, which makes the overall piece feel less dynamic. None of the sections stand out among each other, basically. I think this could've been fixed by changing the waltz melody (triangle channel) up a little. Something similar to this: https://www.youtube.com/watch?v=J_4wcJVX2BQ.

This piece lacks any compelling structure. It gives me an impression that it's more or less random notes from the scale without any coherent motive or structure. It's also rhythmically very repetitive.

There was no syncopation at all. every note came down of the beat with little to no real variation. I think if you mixed up the timings then the song would have been much more interesting.