Hey Finnan3!
Let me offer my 2 cents. Themeforest is currently largest market for this kind of products. By no means do I have a strictly positive opinion about it. It is very hard for new author to find his place in it as requirements grow by the time. If you check earlier products of some of top selling authors you will see that they are average at best, comparing to todays standards. Most of them didn't even had a working contact form, which is a must now. Further more, market takes a larger portion of selling cake (60% for new authors) and in return offering nothing but market itself, no preview hosting or some free marketing. You are not forced to offer support, but if you do not, you can't hope to make a lot of sales.
Now, no one really knows how reviewers do the process of review. My best guess is that they do it very subjectively. They check overall look and test some functionalities (does the theme work when javascript is turned off, for example). Your theme is a good starting point, but I feel that you should work on it some more. There is a certain theme type that sells well. Mostly the same, slider in index page and 3 column layout etc. Also, you should include some more color schemes, if you haven't done so.