The first one sets the tone and the mood of a person you wouldn't want to meet in a dark alley, he looks like he'd be pretty intimidating... but the detail is very lacking, the color and shading is kinda poor and... the jumpsuit is way too tacky, I can't tell whats on his shoulders.
The second one just looks like some hard working farm hand, but on the spriting side of things he is very much well done! His skin tone looks more natural, his clothes look better, everything looks better. Although, he is a bit too colorful for my taste, I'd still say that its a definate improvement on coloring and detail, almost a commercial quality to the new style.
But as I zoom in, to see the shading detail, everything so far is two-toned, but I'm guessing thats just a rough draft. I would really like to see it more dynamically shaded when its done. Matter of fact, I think that was what got my eye with the origional, because the Kaizer template you're using is shaded, but the clothing and accessories are two-tone shaded. Just need to throw some detailed fading in and they'll both look alot better.
Don't over-tone it though, like the kaizer template, because that just feels too 'round' to me, just on a very light scale of shading, almost light enough where you would barely be able to tell too much of a difference... just like a happy medium between the two.