Well then, I guess I should post a “work in progress” here or something.
This has been “in progress” for a while, seeing as I’ve been so unmotivated to pick up my colored pencils again.
I also want some GOOD C&C on this. Tell me it sucks. Tell me his head is too big (Yea, I know it is… =). Tell me I have a sick mind. Just be specific about it 
Alright, here we go then:
Firstly, you are right, the head is slightly too big, the jawline and neck are too long and the top half of the ear is terribly streched. For having a cape on the shoulders are awfully square, and a little oversized. The hands are too small, the thumb on the left hand is all wacky and, overall the left hand has a strange shape. The right leg is bent a little too much, and the left seems a little skinny at the knee. I don’t know what sort of “feel” you trying to get across, but the whole image seems a little too “happy.” If this figure is a ghost, or is dead or whatever, try giving the clothing a old molted look, rather than the new fresh from the dry cleaner look. Also, the cape looks like its had one too many starchings. Also, the graininess of the paper doesn’t help much… but I know how that is. Try to get darker values with your colors… this image has no vibrance. A good idea might be to draw the image on black paper, which would yeild a totally different feeling.
Good work overall, keep working on it, and it will turn out great.
Thanks for your thorough comments! 
You’re right, he is a distorted in terms of proportions, but I’m not sure if I want to fix that. I know I’ll definite do something to the hands. As for the mood of the thing and the look of his clothing, well it’s a rather long story so I won’t go into that 
Anyhow, thanks for pointing out the lack of vibrance! At this point, I totally agree. However, I was planning to shade the background manually until it reaches night-black (should’ve started with black paper, maybe? 
)
here’s another point of view:
he looks great!
i 'm not so good in spotting technical mistakes, but as far as I can see he’s flawless… well, maybe he looks a little bit too friendly. keep it up!
Scraze, you’re too kind 
I was too quick with starting to color this one, without really thinking about the outline that much.
Anyway, about the whole friendly thing: he’s not supposed to look vicious or anything. The friendliness isn’t happening just by coincidence The other guy is supposed to be looking somewhat clueless, but without the shading I guess it’s kind of hard to tell.
These two are in actuality Scottish lads in costume. They lead night tours around Edinburgh, so they dress up as ghosts from antiquity
I recommend the water soluble pencils because the colors are better, and they can be grainy or smooth depending on your preference. You just have to be a little more careful, because it’s easy to smear blacks into your highlights and stuff, which would be bad.
Hey sno4wy, why dont you use the mouse instead of pencil? Now if you want me to be brutal, here we go :D. First hands - it seems the guy wears the brass-knuckles on the left hand and the colors of the cuff confused me as I firstly though it was his wrist. Then hair - there is something wrong with the ear area. I cant figure out wat, but it looks unnatural. Finally, as I can see from his hand`s position and the raincoat shading, the guy shoud wear a coat-hook to make his shoulders look so broad.
Overally, I like your contrast/highlights of the picture and the folds are very nice.