Well...it's plain to see quite alot of work has gone into this, but unfortunately I see some significant problems with the shading. Though it's up for debate what the exactly the form of the monster would be, at the moment he looks like a play-dough man, in terms of his shading. It's essentially pillow-shading.
Also I think it's quite feasible to reduce the colour count at least a little bit.
It's alot more work, but I'd suggest rework the shading to better work in terms of the lightsource, which appears to be above and infront. Aside from the shading, the smoothness and texture are quite admirable.