The effect seems well coded and for sure a great style.
I like your camera angles too! You can do alot with sine waves.
One thing I would for sure push over and over is exactly what hellfire said. The balls don't stand out because there's no contrast in colors or, more importantly, lighting.
Another thing that could make it more "demoish" would be music sync. Great demos always sync SOMETHING with music

even if it's simple scene, object, or camera changes, music sync will almost always help.
Now, Shocky was also right in that there's really no right or wrong way to make a demo look like a demo. Style, beauty, and design are all varied from person to person.
Now in this case, you're displaying metaballs, which is a pretty old effect. What I would ultimately suggest then is adding more to possibly fill the scene up. Maybe, even, you could replace the background with a large spherical harmonics effect with fake reflections etc. Demos aren't really as much about mathematical accuracy (you can reflect a room without a room really being there) as they are about art and design these days. Focus more on aesthetics than on technical precision. Now, that's not said to undermine the technical sides of things, as groups like Plastic, Fairlight, and many others will base entire demos on very beefy rendering engines...but mind you that these engines would be nothing without beautiful, varied, contrasted, and creative visuals with which to show them off.
Probably a good idea is to just watch demo after demo. If you want to win a party, look for what's popular these days. Personally I don't feel demos should be made just to win..and if you agree then still, watch demo after demo. What do you like about your favorite ones? Look for common color schemes etc...they're common for a reason

Look for creative uses of old effects (such as fluid dynamics replacing normal metaballs in many cases), transitions, particle size/shape/movement, contrast, and many other things.
Demo design comes from learning the art and practice. So, study up and keep at it! It will come.