The wings seem a little too far back, like they are coming from almost the stomach, and it seems like most winged creatures have their wings "connected" at the shoulders. Then again, most winged creatures (excepting dragons, griffons, hippogriffs, and other fantastical critters) don't have front legs/arms in addition to wings, so I could be wrong. :)
Otherwise great job. I like the combo of yellow/white on the pegasus body. I don't think the brown/black wings really match there.. I would have gone with a lighter color on the wings to patch the mane.
Love the work on the gem and sword. Something doesn't seem right to me about the wings though....might be too dark, but that's just me. Still I like the way the paint job came out. Superb!!!
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