I think that is does have a lot of potential, I'm not sure if this was an assignment or if you had specific objectives to reach under a time line but I think overall you are off to a great start.
There seems to be quite a few fundamentals that need some work in the piece. Secondary animation for one would help achieve a more convincing story, some depth in the textures would help that as well. The animation looked a little flat and rigid but again for the first real animation its a good start.

The sun rises and falls in the same place? That was a little confusing to me. I kind of think the intent was that he was playing with time and causing it to almost set and then come back up again which is a neat concept but if that was the intention I think you had to read a little too far into it.

The introduction with the view inside the watch was flat. The hands seems to have no depth at all which took away from the overall piece I think. And like what was already said the texture flashing is distracting as well as some of the shadows.

Overall though great start, and keep at it!