You Ready To Go Gung HO? A Hotshot Challenge
The project looks pretty good in its current form, but there's still room for you to go all Gung Ho on it. Titles, for example, would be a great addition, but they would need to have some kind of motion added to them in order to suit the rock concert's atmosphere. You could also experiment with the Time Stretch tool on the PiP insert clips, and perhaps look at adding a color grade movie look as you did in Project 2; something to accentuate the red colors seen throughout this video.
Experiment using the skills you have learned so far, drag in an adjustment layer, try out some of those effects in the Effects browser and see what they actually do, and how they interact with the Blend mode in the Opacity settings.
Move on to the next project only when you have spent at least an hour or two being creative with this one.