the first one looks better. the red is too saturated and the blue for the shoes is too dull and lacks contrast. Same goes for the mask in the first one. the hair looks sort of okay

also the feet look knobby. the outline on the robe is a mess and only appears around the robe and not around the character itself which screws up the countour especially because there is no outline on the feet. the black outline in general was done poorly and takes away from the sprite more than it helps it. also the shadow on the right arm looks....really bad. Take that out

i'd recommend studying how clothing like this is made so you can see where folds would naturally occur. atm it looks like a big chunk of cylindrical plastic and the texture offered by the haphazard dithering doesn't help that at all. it would also be better if you chose a more consistent light source (The light source is really awkward and the shading in general is sloppy) and experimented with making parts of the character that are more distant slightly darker. the inside of the robe would also be a lot darker and the red line showing where the robe separates itself looks more like a string separate from the robe because it is too bright

overall theres a lot that could be done

I think it looks nice :). The mask should be made a lighter orange though, and the hair needs some work, but its still sexy =p

EDIT: Almost forgot, some AA would be good too

Personally, I think the latest one does look much better. I like the overall look, but there's still a little room for improvement; particularly with the arms. Their outer outline still stands out too much, and the feet seem better this way but a little too square at the tips.

Some anti-aliasing should fix that jagged outline
http://wiki.wesnoth.org/How_to_Anti-Alias_Sprite_Art

There is a time and a place for anti-aliasing and this is not one of those times. Yut Puts rough edit already helps quite a bit, so with a little work from the artist it should be pretty easy to fix.

Yut Put I am glad that you commented on my piece but the things are:

1. I am sorry to contradict you but I added shades on hair because of the light source.
2. The shading on hand do not help in overcoming the jaggies.(that's just me)
3. I do not understand why you made the border of the socks of Tobi blue.

Thanks again for the comment though.

Both look a bit better. Not sure which one I prefer. Sel-out looks better from a distance, dither sort of looks better from up close, so either one could work. Also, as for why Yut Put outlined the socks the way he did; I believe it is because it separates them from everything else better and makes them look clearer. I liked how his socks looked, though the outline was a bit too dark in my opinion. That's probably due to it being a rough edit.

In my opinion, that would be pretty much it, yes. Just pick which one you prefer of the two, edit the socks to improve the outline, and I'd say it's good. You're very welcome for any help I may have provided, though Yut Put was definitely the most helpful one here; I just offered an opinion really.