Well the first thing I would suggest to you is ditch the Full Kaizers . They're fugly, and no one really uses them anymore. That, and the HK's are much smaller (Making them easier to spite with) And far more versatile . Here's the development topic :
http://www.rmxp.org/forums/showthread.php?t=418
Other than that .there are a few things wrong with the sprite.
The palette is good with contrast, but I believe the darkest colors are a little too dark. they almost look like black. You placed the clothes on the sprite pretty decently, that is they look round instead of flat. Just don't forget to round off the sleeves. You need to work on the shoes a bit. They look like they only cover the front portion of her feet. Kind of like slippers. If that was your intention, never mind. Otherwise though, you might want to consider a change.
As stated before you have good contrast in the shading, but your directional lighting and shadowing could use work. Some of the shadowing throws off the figure. This is most apparent in the chest area and the shading in between the legs. On the chest, Try recoloring the shading on the skin, then once thats done, cover the cleavage line with the lightest red. It should look more like a female chest then. As for the pants, try shading it to make it look like the light is hitting her from above . Right now it looks like the light is hitting her at both sides, giving her a bow legged appearance.
If this is your first sprite it's not too bad. Just keep practicing, but I highly recommend the HK's against the full ones =)