I found it enjoyable overall and you have good beat sync and internal sync elements throughout the video, and the scene selection is good for the most part. I particularly liked the match and juxtaposition cuts you had. That being said, I think there are few elements that could be tweaked a little to help nail it all into place.
I don't know how I feel about the black and white part. 45 seconds of black and white is a long time and it makes up about 35% of the entire video. I understand the black and white from an artistic kind of standpoint, but does it really need to be black and white? The color comes in when the lyrics start and match with them in a clever way, but it doesn't "light up" or burst into the scene in a sense where the color comes in with a bang for that dramatic or haunting emphasis, it just fades in with the lyrics. I think the scene selection on its own matches the lyrics pretty well that you don't need the fade into color aspect with it, and the first half would be more readily engaging with color.
For some of the more subtle scenes, you might want to consider adding some subtle panning/zooming to add just a little more movement, enough to keep the eye engaged and refocusing on video. Just a little bit can go along way.
I think starting around 1:20 you can drop the overlays and just commit to one scene or another. You can shuffle some of the scenes around so you can have the close up of his face turning downward with dissappointment in it still, but I think it would be stronger if the scenes that are getting overlayed over that scene are just in the forefront on their own along with the beat sync going on there. Also it'll add a little bit of a stronger dynamic if it cuts between the scenes of him running and his memories or the scenes of them together and it'll elevate the emotional mood. As it is now, its hard to focus on one or the other and with them cutting back in and out from each other trading off for a chance at screen time it'll put more of a punch into the drama/conflict being portrayed there showing the past of what the character had and wants to keep and then his determination with chasing after it to really want to keep it. You can clip out some of the less dynamic parts of the scenes where he is running and really emphasis the determination more all leading up to the arm grab/kiss.
If you want to talk AMVs more just send me a PM.