I'm impressed! A 3D game like this is a pretty tough thing to pull off for a 48hour game jam! I think it's a good game idea, and I like the visual presentation and the feel of the music.
Constructive criticisms: A couple things really hurt the fun factor at this stage of development, I think. Kicking the player all the way back to the beginning of the level is one - it's not super easy to figure out how to go forward (which is fine), but when you screw up, you have to redo everything you already did (which is tedious). Then there's the short length of the music loop, which gets annoying after a bit. It's a good music loop, mind you, so it takes longer than some of the 2 second bloop loops some people use. Finally, while the controls of the characters feel really good, the camera control is wonky and over sensitive. This is probably made worse by the fact that I couldn't get the game to fullscreen.
Constructive criticisms aside, this is a very solid entry into this Jam, and I repeat, I'm impressed!