The shading is ok. Not really liking your use of two shades of highlight. The angle in which the light hits the octopus is also slightly unorthodox (it' feels light the light source is on a 3d plane instead of the 2d one you would normally see- the lightsource is kind of in between the screen and the viewer).

As for the gloss, it is quite an interesting texture that is being displayed. 

Also upon my second observation, I don't really care for the darker two tentacles. It just feels a tad distracting and blurry.

Well thats my more in depth critique. Keep pixelpushing and practicing!

 Heh, it used to be a white background then I made it transparent. I was too lazy to redo it :) Do you like the shading/gloss?

Its nice. Good colors. BUT, I find the AA to be very strange. It looks really randomly placed in your zoomed in detail file.

And welcome to pixeljoint!

 Much better!

 I must agree with Antiboton, its a very good piece but I think making it transparent would add a lot to it.

 Make it transparent? 

 Try removing the white background.