Alright! This is looking much better now, the star-field really helps to give it a point of reference. It would be great to have that star-field on different levels to really add depth. One way to do that would be to have some stars mapped to matte plane (or sphere) which is a little closer to the camera than your current star-field. Then u can add an alpha map to that second star field so all u see is the stars (not the black of the space) and the full star-field behind it.
On to the camera. The movement itself seems a little sluggish at first and the camera pans and zooms at the same time to see the bullet. What this says to me is that the camera operator knows that the bullet is coming. You are going for a hand held feel and it's really important to think in terms of what the camera guy would be thinking (I always treat the camera like it's a character). So this guy is checking out this really awesome swirly thing he found in space when suddenly something approaches really quickly... 'What's that?!' (he pans). 'Can't really see it, better take a closer look' (he zooms). 'Crap! It's heading straight for the cool swirly thing I found over here!' (he pans back)
You see what I'm doing here? The camera is a character, and that's one of the things to keep in mind when going for 'realistic camera movement'. Some really great reference for this type of camera work would be to watch Battlestar Gallactica. I think it goes a little over the top at times, but watch the camera movement there. Some of the pans are really quick and snappy, the zooms punch in in just a few frames.
A few other crits while I think of it.
Give it a little more time when u 'discover' the bullet coming, right now we don't really register a moving object coming at us
Re. the abruptness of going into bullet time. In my opinion the smash of the rings could be way quicker, the camera would need to pan much quicker to keep up then really slam into bullet time.
Now I'm late for work! hehe