Well, there are a few things you could fix. I hope you don't mind, but I've made a few small touches to the sprite. I've taken the liberty of boxing in several sections - blue indicates a change I made, and red indicates a problem you should look at.
-THINGS I EDITED FOR YOU-
First, you should shade under the clothes and hair. I did a quick shading job to show you what I mean.
Secondly, the shine on the pauldron could be reduced just a touch. See what I mean?
The boots should get darker as they recede from the viewer. I used a nice dithering pattern to achieve this.
The metal things on the gloves should be given an extra darker pixel below them, to give the illusion of depth. Alternatively, have the darker pixel to the right.
-THINGS I DIDN'T CHANGE-
The belt could do with some shading. It's boxed in red.
There's an odd section of the pants that is shaded way darker than it should be. It's also boxed in red.
http://img149.imageshack.us/img149/3200/cloudzg2.png[/img]