His back should bend more to show that he's really going forward to run at high speed. His arms should go higher because he should be running fast, so his arms should be at least shoulder length. I don't really see anything wrong with the legs, just a little shaky.
I suppose you mean shoulder "height". Yeah, what you say is mostly right, technique-wise. But this is just running, not full speed, as you might have thought.
Also, the back should actually not bend, (I'm a runner, so I should know). You only have a forward bend on your back in the acceleration part.
Here is a video of Usain Bolt, the most perfect techinue of a sprinter.
http://www.youtube.com/watch?v=4QrlPmK4B94 As you can see, his back is not bent forward, (just slightly) But as you say, his arm go much higher. But also, if your sprinting, you don't place your foot infront of you. Thats only if you're running/jogging. A sprinter is placing it almost directly under himself. And if you look closely on my animation, you can see that he places it infront, another "hint" that shows in not full sprint :)