liquidguru, I checked out the box crab file against my scopes in Sony Vegas Pro. I don't know if you have these same scopes in CS5.5 or Colorista.
Assuming your software and Vimeo's encoder have not affected the general luminance of the footage, your camera appears to have shot approximately levels 25 to 255 on a scale of 0 to 255. There is some noise below the 25. Anything outside of 16-235 gets clipped on playback by the Adobe Flash Player, as it "expands" or "maps" 16-235 out to 0-255, so you're losing any highlight detail between 235 and 255. You're also not going to get any true blacks even in the deepest shadows. I'm seeing this chiefly on the Vegas histogram, but also the waveform scope.

So to start with I put on a color correction curve that pulls all 3 RGB channels down from 255 to 235, and which darkens the blacks by 7 clicks (but you could go as far as 9 clicks). In Vegas I move the anchors (tangency point) around by pressing the arrow keys, which give move the points one unit at a time.
On the vectorscope (as well as my eyes, and the RGB parade) I'm also seeing that the whole hue is over to the yellow side. So I separated out the RGB curves and, mainly towards the bright end, I reduced the red and increased the blue, and to my eyes this gives a more natural looking overall balance.


If you upload a file with this luminance adjustment to Vimeo or YouTube, the levels should get correctly "expanded" out to nominally 0-255 by the Adobe Flash Player on web playback, exactly how a TV "expands" broadcast-safe levels on a DVD. See this article for more info. So the result should be less lossy than what you're doing now.
If you wanted to perfect this grade you would probably want to add a secondary color corrector to either shift the background away from green, or to shift the hue of the crab itself away from red. It's impossible to do it all with just one color curves fx on a clip such as this. However I think the single color curves fx give an improvement to the crab without making the background significantly more green. A second fx shouldn't be required for the snail, which doesn't have the different background hue.
Ideally you would also probably want to keyframe any fx (i.e. change them over time as necessary), as your black point does look like it's wandering (perhaps due to auto exposure?).
If your time is limited, I think you could come up with a single fx preset or an fx chain preset that is more or less right for grading the majority of your footage, then it would hardly take you any time to apply.
I could post or email you a screenshot, but you should be able to approximate what I've done using the tools you have.
I hope this is useful!