I don't think this is the best you can do with a home recording. If I knew dick about what labels want, I probably wouldn't have over 3,000 posts on HOMErecording.com, but I do know a little bit about demos, and this isn't there yet. When you listen to this, and compare it to something in your CD collection...is there a big difference? Maybe if you listen to a lot of White Stripes and Strokes and Metallica's last album, there's NOT a big difference, lol. But listen around to what people are cranking out of their home studios. Hell, check out "Sluice's" thread in this clinic right now as I type this. He's not working with some unattainable wealth of equipment...he's working with his ears, and with trial and error, and LOTS of recordings.
Now, I gotta' say, with a post title like yours, and with the "I wonder if I should submit this to some major/semi major labels" question, this song would have basically had to fucking FLOOR me, sonically, structurally, melodically, lyrically, and performance-wise for me to say "yes, you're ready." You might not have caught it, but Jamal's response was a tad on the sarcastic side, lol. The best I can do is say dare to dream...but walk (or run) at your dream with your best foot forward. Don't just throw some stuff up against the wall and hope that something sticks.
And selling CD's is great, but there IS a big difference between unloading CD's after a GREAT live show to a receptive audience and the critical ear that (might) listen to an unsolicited demo. If you're lucky enough to get it heard, it's gonna' be competing with (usually) the absolute BEST work that an artist can crank out. I just think you can do a lot better.
Good luck,
Chris