
So, I always tell myself that I'm not going to edit someones work but as someone who has spent a lot of time with the sprites from the STH genesis series, I couldn't help myself. Seriously, stuff like this is my kryptonite.

So, what I tried to accomplish was to find a happy hybrid medium between your version and the classic original. Upon comparing yours and the original I felt that your highlights/hotspots and shadows were a tad exaggerated and caused the sprite to lose some of what makes Sonic's head look like his head ( which is, essentially a big sphere with a few weird ridges above his eye socket). I tweaked the eyes a bit (following the same method from the original) to make him appear to be looking forward as opposed to downwards and brought back some of the form and three dimensional shape that was lost from the heavy shadowing and highlighting; what helped the most was bringing down the brightness of the highlight and then uses the lightest gray shade for the hotspot.
Also, since you seemed to have tucked the left side of his head inwards, I also reduced the outside of his muzzle by one pixel just to make things look more uniform. Aside from that and unifying the light source to not look so scattered I don't think my other tweaks are all that remarkable.
The same things apply to the signs as well, made the lighting more one directional (mostly noticeable on his hand) and fiddled with the highlights so that they didn't hug his eye socket as much. As for Robotnik all I did was shorten his head a bit (they elongated his head a bit more in the modern games, before it was a simple sphere that sorta looked half melted at the bottom) and tweaked some of the shading around his mouth and chin(s).
All in all I really like what you have so far and can't wait to see where you take it all. It's kinda funny, as simple as Sonic is in terms of his design there's a lot of little complexities in there that make the sprite to be what it is. Forgive any grammar and spelling issues or if anything doesn't really make sense, I kicked into edit mode around 3am and its 4:30am now

I think it's time for bed.