I like the syle of it and agree with jellybeanfish about the dithering, love it on the flag though. Few touch ups and its perfect. :) really good otherwise.
I feel like the dithering on the arm looks a little gritty, it provides some busy texture that's a little distracting, especially when the shading on most everything else is very smooth (compare to the flag, for instance). The feet also look a little weird - the one on the left very flat and unrealistically triangular (like a hoof), where the one on the right is kind of a circle that doesn't look like it's flat on the ground.
Love how you handled the shading on flag, though, and the rest looks really good!
I suggest you flip that flag horizontal