Not-so-marvelous Meatloaf

So I tried version 2 of my very own meatloaf recipe the other night.  The first version came out just ok, but I was looking to improve it.  Ummmmm, yeah, not so much.  I increased the amount & number of spices I put in, but it was still very bland.  It definitely did not have a "meatloaf" flavor.  Here's my recipe:

2 lbs ground beef
1 egg
1 1/4 C crushed corn flake-type cereal (Trader Joe's Golden Flax, to be exact)
1 C chopped & steamed carrots, mashed
4-5 oz pureed peas
3 cloves garlic
2 T basil
2 T oregano

In addition to being very bland, the meatloaf was rather soft & slightly mushy in the middle, despite being cooked for 1 hr 20 minutes at 350*.  I don't know if the mushiness was due to having too much moisture & not enough corn flakes, or if it was just because that was where the liquified fat had accumulated (the beef was 80/20).  I did use a meat thermometer to make sure it was done, and it quickly registered at the "beef, medium" temp and kept rising, so I figured it had cooked enough.

So, what do you think?  Do you have suggestions on how to increase the flavor (or have any flavor at all...), and what I should to do combat the mushiness?