Hmmm... Welp I'm going to try to help you out with some pointers a few certain someones gave me when I was having trouble spriting.
First, here's a comparison of your WIP next to one I just made.
http://img55.imageshack.us/img55/4888/linkpj2.png[/img]
The biggest problem I saw here was shading (even though you said ignore it, it really takes away from everything because the shading is really non-existant) There needs to be a HUGE contrast betwwen outlining lines and the color of the body. In other words you need to make solid outlines that contrast with the each particular color. For Example:
http://img337.imageshack.us/img337/9233/51572361wr4.png[/img]
The next problem I noticed is that everything is very blocky on your sprite. In real life, clothes kinda' mesh around the body and don't usually have straight lines. If you look at both the gloves, boots, and tunic of your Link and compare them to the gloves, boots, and tunic of my Link, you'll see what I mean... Simply put, most clothing has curves and not straight blocky lines. Work on that.
http://img510.imageshack.us/img510/5990/97104308ux5.png[/img]
As a final note, try to remember that there should be a single light source that is casting shadows for your sprite. For my sprite, the light source is coming off from the top left corner, so all of the shadows if you'll notice are reflecting that fact. Anyways I hope that some of these pointers can help ya, and hope you finish this into something cool looking.