Holy crap! I like this, very cool perspective.
I've seen a guy mounted his camera on the top tube, you could try that out. Also, that set up seems a bit dangerous for the road in traffic and such, since it is protruding a lot out of the chainstay, but I could be wrong. I actually like the sound of traffic, pedaling, chain and all that "raw" sound when you are biking. Kudos on the video.