It was pretty funny in some parts. It bogged down in the history section though. Nomenclature was pretty good
It was original, but the failure concept played too large of a role.
Prose and formatting:
Too many ideas floating around. (You encased many of them.) Convert them into references, such as the one you have at the bottom.
Good length, right amount of links
Very good for a first attempt. You avoided many of the problems first time writers make, and it was funny in some areas. Use references to clean up idea spills, and take some out if they make the joke too obvious (such as 'getting confused yet?'), or if they don't add anything to the concept.