Cloudformation not creating EC2 instace, even though defined

I have the following CloudFormation template which is working fine apart from the fact that it is not creating the EC2 instance, below is the output I get from the Amazon GUI when running the configuration through CloudFormation:

2015-01-05  Status  Type    Logical ID  Status Reason
17:30:47 UTC+0000   CREATE_COMPLETE AWS::CloudFormation::Stack  Chris-Test-1    
17:30:45 UTC+0000   CREATE_COMPLETE AWS::RDS::DBInstance    Failover    
17:24:13 UTC+0000   CREATE_IN_PROGRESS  AWS::RDS::DBInstance    Failover    Resource creation Initiated
17:24:11 UTC+0000   CREATE_IN_PROGRESS  AWS::RDS::DBInstance    Failover    
17:24:09 UTC+0000   CREATE_COMPLETE AWS::RDS::DBSecurityGroup   DBSecurityGroup 
17:24:05 UTC+0000   CREATE_IN_PROGRESS  AWS::RDS::DBSecurityGroup   DBSecurityGroup Resource creation Initiated
17:24:04 UTC+0000   CREATE_IN_PROGRESS  AWS::RDS::DBSecurityGroup   DBSecurityGroup 
17:24:02 UTC+0000   CREATE_COMPLETE AWS::EC2::SecurityGroup WebSecurityGroup    
17:24:01 UTC+0000   CREATE_IN_PROGRESS  AWS::EC2::SecurityGroup WebSecurityGroup    Resource creation Initiated
17:23:45 UTC+0000   CREATE_IN_PROGRESS  AWS::EC2::SecurityGroup WebSecurityGroup    
17:23:42 UTC+0000   CREATE_IN_PROGRESS  AWS::CloudFormation::Stack  Chris-Test-1    User Initiated

My CloudFormation configuration can be found at: http://ift.tt/13TGif6

Any help getting the EC2 instance created would be appreciated.