The first is in the graphics style. I don't hate it per se, but it's very overused these days, especially with the release of Flixel. Essentially, I'm saying that your game has the quality of a flash game, and it'll be overlooked quickly on the XBLA.
Ok, that is your opinion and I hope you are wrong about that the game will be overlooked quickly. The game has a retro style, and maybe that is overused these days. BUT that is what I like in games, and I hope people out there likes that too.
The second is that it has too much text describing what'll happen, and not enough actual gameplay. A basic rule of thumb for trailers is to keep the text to a minimum, and show off as much of your project as you want to.
Yeah, you are right about this one. I will have to do a new trailer soon. But I will fix the final stuff in the game first.
Less text, more gameplay!