Looking really promising. I think it looks pretty good already, much better then some other games I have played and enjoyed (like Sword and Sorcery: Underworld).
But there could of course be some improvements, the first thing I think about, is that it need some more dirt, mud, cracks, and other and other things to make it look more like an old dungeon. Some of the lines are too straight and "perfect", like those of the logs holding up the roof. The shield also looks to much like a perfect circle, some very subtle imperfections here and there could make it look more "alive".
From reading your posts I get the impression that you'r already aware of all of this, but I still wanted to give you some feedback.
Are you planning to make enemies that move around in the dungeon (dungeon master), or enemies that just appear out of nowhere (might and magic 2)? From making my mod, I have realized that making the same enemy from three different angles and one attack image, is more timeconsuming than making 4 different enemies from just one angle. Especially with enemies that are nonhuman, like spiders and wolves.
Even though I've had a lot of training in drawing the human body from different angles, I find it very difficult to make it look right. Maybe something to have in mind, if you want to limit the scope of the game.