I thought it was pretty cool--it had a fun vibe and there were some shots I liked in there. My problem is that I wish it really showed what they were doing--what are they making? I'm guessing it's a knife because that's what you show at the end, but, to me, not knowing the context or anything, it just looks like them putting the metal in the fire before hitting it with sledge hammers a few times...then that happens again and then all of a sudden there's a finished knife.
I saw this video (http://vimeo.com/37360333)
some time within the last year and I like it because it shows the process that he goes through to create an ax. I like the vibe in it, but it's a little too bon iver-ish--what I like about yours is it makes the guys look like they have fun and enjoy what they're doing, like it's not all serious and somber-like.
I'd recommend adding/getting some shots of them doing different techniques because while it's sweet that they're hammering red-hot metal, there are lots of other things blacksmiths do that you could include to make it more interesting. Other than that I like what you're started with; the end shot of the knife closes it nicely I think, maybe make it last a little longer though. I don't think it gives you enough time to really take in the details of the knife.