Alright, let's start by ignoring the actual method/quality/technique of the cooking itself. You did a pretty good job with production, but a slightly better mic and camera would go a LONG way. The auto-focus was moving around a bit too much and such, and the white balance is pretty bad. I'm sure you know that though, and it's a budget issue.
Secondly, if it's actually meant to be an instructional video, you need to explain more stuff about what you're doing. Most importantly, times/temperatures/ingredients and how to tell when stuff is done. If you're cooking pasta, the phrase Al Dente
needs to be in there somewhere. How to tell when the meatballs are done as well.
Try some slightly more dynamic shots, close-ups of the food and the actions. This has to be staged/faked a bit, as in real cooking, you usually don't have time to do a close up of pouring sauce, before you've taken too long and something else has burned or what not.
The fast-forward effect worked quite well, especially with the music. Do it more, and cut the whole thing shorter as well. There was a lot of time spent with you stirring stuff at regular speed, with no vocals or anything. Either cut that, or use that time to explain what you're actually looking for (al dente) in the noodles or something.
Overall, a good idea, and if you actually get it to be a tad more useful (that means actually giving us ingredients and such to follow along with) could make for quite a good series. Check out http://geekfood.wordpress.com/
as a similar thing (albeit without video.)