I like the unusual crop. I think it was a good move for the transportation theme as it helps enhancing the idea of movement. I might have left just a bit more space on the left though. I also think you did a good job on the exposure. To photograph things with the sky as a background is always difficult. You easily get either a washed out sky or an under exposed subject... Well done.
About the subject, I think it fits the theme pretty well. For me a hot air balloon definitely is associated with voyage and transportation. And as mentioned before your crop enhances the idea of movement.
There are two things I can think of to improve your pic. First, it is true that your image displays some unwanted noise. It doesn't fit the subject so you should get rid of it. Second, to have some landscape in the background would boost up this picture a lot. It would enhance a lot the idea of voyage. But I guess it was not easy...
Anyway, you did a good a job already.
Good Subject. I loke Hot air ballons. I think it would look so much better if the sun wasn't behind the ballon. With the light passing through it, the colours are washed out slightly. I might have made the ballon smaller in this Photo and had more sky.
great shot, but its a bit too grainy/noisy. Did you try some noise reduction software? I also would have liked to see that lovely blue colour more saturated.
Nice balloon picture. The sky is just a little overly bright. The only possible way, I suppose to improve this would have been to get between the balloon and the sun more. Of course, then you are at the wrong angle to get the Colorado symbol (I wonder if people will realize that this is representative of the Colorado flag, therefore understanding the title of your picture). It's just a catch 22. Another thought, you might want to consider using Neat Image on this photo. It's a program that would clean up the noise that you see in the balloon. It's a good program and you can download a demo for free off the internet. Good positioning of the balloon in your picture and it is framed well. 7 Good luck in the challenge.
I'd like to see more detail on the balloon. I understand that the underexposure is necessary to keep the sky from being all white, but I wonder how that would look, with the sky overexposed. I think it might give more emphasis to your subject. Nice job with a tough shot.