I don't suppose we could see it in a higher frame-rate at the point of impact? I saw a video once of a person being hit in the face with a water balloon at a ridiculously high camera-speed, and the manner in which the material of the balloon failed was very interesting, but it was kind of hard to see here. Even so, it's a neat video, and I especially liked the twinkling of the water droplets near the end. I agree with Mr. The Orange that having differently-colored water in each of the balloons might be very interesting, too.
I should also say that I like the splash-interactions between the two balloons' wave... fronts? Whatever, it looks neat.