Thanks for sharing! The routine's well done (as far as I can tell), and the idea of a magician-magician contest is interesting. However, I think you should act the two magicians out a bit more (as this is a video and not an actual performance it might be that you do it a little differently in a show). You know, instead of just using the same tone of voice for the whole video you could act out the surprise in one of the magicians' voice etc. Also, I feel there isn't much build-up to the climax. Again, this ties into how you act out the two magicians. You could show the audience the competitiveness in both of the magicians, egging each other on to always trump the last effect.
Three rather minor things I noticed in the script: 1. "... and he said, "I can tell you're a magician"; you know, we can tell when somebody is a magician, we sort of sense it ..." In my opinion this sounds like you just couldn't think of any better reason. Just leave it at "The other day at this festival I met a magician, and he showed me this trick ..." That's enough already, you don't need a reason to recognize him as a fellow magician.
Another thing: "I'm not even going to show you this time, I'm just going to put one on the table." Just put the card on the table. Most of the people I do tricks for (not many, granted) will get suspicious as soon as I said "I won't show you". And it doesn't matter that they still don't know how the rest of the trick works -- as soon as a layman thinks he knows how 10% of a trick work, he thinks he knows how a trick works.
The last thing: When showing that you have three aces in your hand, you first display them in the same way you showed the three empty cards before. Then: "Hang on, I didn't see all the cards!" And then you show them all at once. The problem: This might be good to fool magicians (those who don't know the trick, anyway), but you've just told every watching layman how a large part of the rest of the trick works.
Of course, it's rather daring of me, somebody who started this thread because he has no experience performing, to criticize your performance. So take this with a grain of salt, and I hope you don't misunderstand me, for the most part I really enjoyed the video.
Again, thanks for sharing!