Oops, looks like I don't know how to imbed images and for some reason I can't edit the message. Sorry!

EDIT: I figured out what I was doing wrong. Changed it to a link.

Very nice! I'm a huge fan of the megaman RPGs for the GBA and they are some of the games that made me a fan of pixel art.

I noticed you used a seperate red colour for the rockets on the bottom of his feet. I gave it a try and I think you could use the reds from the inside of his mouth and it won't look odd. That way you can use the extra colour slot to make a dark blue to soften the jagged edges of the black lines. I went overboard in this image but I think you get the idea:

Here's what I mean

Hopefully I'm helping!