The recording gets the general idea across.
POSITIVES
1) Liana has an interesting vocal quality in both lead and backing roles.
2) It is refreshing to hear you collaborating on original material rather than sleepwalking through cover versions.
NEGATIVES
1) Not many songwriters could get away with over five minutes on one chord progression. (Lou, Iggy, Van Morrison.)
2) When you two develop the song, some form of time-keeping device would help. Even the Auto Accompanient section of a home keyboard would be better than nothing.