Good arrangement, and it's very different than the original. I like it a lot in its conception and overall feel.
I like the sound quality of the BG vocal but, arrangement-wise, I think it'd be much more effective if she sang in other intervals than at the octave (like 3rd and 6ths, or a countermelody). It'd also make it easier for the BG singer to stay in tune. There's some nice harmony around 1:00, with a lower voice.
I agree with the comment about sibilance and breathing, and about the 2 ac gtr tracks being a little loose rhythmically. But hell, it's hard to keep things tight at a slow tempo. I'd like the tone of the guitars and vox better, I think, with a lot less compression.
Second thing I've heard of yours. Keep them coming.
Tim