This cartoon is boring... I can't hear the music...
P.S.: just kidding... awesome piece :P
If the animation was sped up and the character bounced around a bit more, it would surely improve the piece. Some exaggerated movement of the top hat would be nice, too.
Good work so far! 
I was thinking of showing the inertia of the ears and head when the hips dropped but also whether or not it would look a bit too busy with the exaggerated rotations. Walk cycles are tough 
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here's one reference (at the begining and around 1:44):
It's really cute, remind me of old mickey cartoons, he could be more like dancing to a better effect but overall I really like it.
its too structured, to looks like an old cartoon it should be bouncing and have a lot of life in it. as it is its well drawn, but very boring
Perhaps hes moving his head around a little too much, other than that this looks great!
Hehe, this is really cute. Love it!
It misses something, though. Old cartoon characters had this bounciness on their hips while walking. It's hard to explain and I can't find a nice reference for you, but it would greatly improve the "old timey" effect. 
I love cartoons of 1920-30s! And that's jolly good piece of pixelling, walk cycle is nice!