There's one thing I have noticed [except for the waist, of course]. This is just an observation, though. Usually, when someone is holding a shield, it covers the lower arm, since that's how the straps are placed - Your lower arm is placed tightly against the back of the shield. Your sprite however seems to hold it while the arm is at an angle, which looks a bit off. I know the back surface isn't flat, but to hold it up and straight like that, the elbow would have to be higher than it is.
That's what i thought when I looked at it, anyway. Oh, and hey! Those tiny arms couldn't hold that sword! Hehe.