WIP of the full-game TAS (1-1):
http://www.megaupload.com/?d=446LF0CL
It is amazing how many things you can change to be faster and look better, only to have a net gain of 0 frames. Anyways, I'm pretty sure this is optimal, unless a new trick is discovered (which I'm not counting out...I had to go back and redo the first room after I found a random trick to slightly reduce the slowdown upon landing and rejumping). If I'm averaging about 700 rerecords per room this early in the game...I'm a bit terrified of the later levels.
Anyways, in my testing, I've also found a lot of other cool tricks (mostly for 100%). I've managed to clip past 5 color crystal doors, and I didn't even finish testing all levels (1-3, 1-4, 2-1, 2-2, 4-5). I've also managed to skip a few keys, like the one in the test video I posted before. Floaty jump also wrecks some "create platforms" puzzles, like the second room of 4-1. And of course, a bunch of tricks that save a frame or two that you wouldn't notice if you weren't watching frame-by-frame with memory watch.