It looks pretty nice, though he seems to have lost two of his tentacles. Also, the colors are a bit dark (though that might just be my lighter bg), and it makes him a bit hard to read.
Want to give some dough back to all those amazing pixel artists? Donations provide prize money for contests, help cover hosting costs and support new initiatives.
Do not forget to cite or sprite image as a reference! http://oi53.tinypic.com/skvlo9.jpg