Critique my position / fit - Cervelo P2

I’m trying to set up my Cervelo P2 and need some feedback. There is a video link below. Any thoughts?
One of my worries was that I bought too small of a frame (54cm) so I just put on a 120mm stem. I’ve also raised the seat about 25mm since taking this video.

http://www.youtube.com/watch?v=DdjoEwNI7Lc

http://lh6.ggpht.com/_I_s1RSa7S4k/S_Gsv7CR4DI/AAAAAAAAAE8/S9X8_2s3GI8/s720/May%202010%2000161.JPG

You looked comfortable to me…so how do you feel? What event are you training for?

What makes you think that your bike is too small?

Look at the pros here:

http://www.slowtwitch.com/photos/Detailed/25.html

You pretty much want your upper arms to be vertical. Right now, with the long stem, you’re a bit stretched out.

And, if you raised the seat by 2.5cm, then that’s going to dramatically change your overall fit. Why not post another video with the new seat height?

Not a fit expert but from the looks of your video and the still below, I think you could definitely benefit from reading more of the material on this site.

I’m pretty sure your seat is significantly too low and you’re too stretched out. It also looks like you’re on the wrong frame, meaning that you might be better served on something like a Scott, Specialized or Cannondale (tall and narrow as opposed to long and low like the Cervelo or at least start by shortening up that stem…by a lot).

shorten the stem a little bit, like 110mm. the aero bars could be a little longer as the elbow pads are sort of high on your forearm.

the frame does fit you though. theres nothing wrong with the amount of rise and spacers you have.