His left (right to the viewer) leg looks a little stiff. Try fixing that, also, the shield looks like an egg, maybe give it a better angle, so the shield follows the arm like that http://ps2media.gamespy.com/ps2/imag...7044807721.jpg
As this is a quite early stage, I believe you will make more details on the shield later, otherwise my suggestion is, do that ^^
First of all, don't change the image in your first post. Post each new version in a different post and leave them. That way everybody can see where you started and where you are now, what has been changed, etc.
The lighting is fatally flawed here. You need to do some studies and learn how to light and render basic solids—box, cylinder, sphere. Actually, you need to go back further and learn how to draw those simple solids from any angle and construct everything you see out of them. Then come back to this.