What part of megaman do you want to "-esque" with your character?
Is it the size? the style of the eyes? or the fact that he is a cyborg?
For me, megaman is about coloured metal plates and a human head.
It looks like the wizard has cloth. Does this matter to you?

There is also more detail on the wizard than on the megaman next to him.
It's readable alright. But i don't think he needs the cape. The huge pointy hat kinda signals his wizardry enough.

Basically by megaman the game I'm trying to do will have similar gameplay like Mega Man. So I'm trying similar style for the sprites etc.
But my world will be played out in a world of magic instead of one with robots. So instead of the main char being a robot, he'll be a mage. Not one of those older mages with beards, but more of an apprentice of some sort.

I'll just use ONE of the sprites in this pic. I still haven't decided on which.

Mega Man himself uses only 5 colours: Black, White, Skin-color, Blue, Teal.

Here's an updated pic. (I still haven't decided which char to go with)

I think you need to fix the proportions alittle, unless she's a cute dwarf.
maybe something like this (very quick and dirty):

Finally some serious constructive critique!
Thx JonasO and Grimsane.

My char is supposed to be a mage rather than a robot. I'd like the game to play just like a Mega Man game but instead everything is played out in a world of magic.
So he's supposed to wear some robearmour of some sort. But I guess it's hard to read I'll try to revise it. So he'll be shooting his spells from his hands.
Actually I prefer him to wear a spellbook, but it's hard to make it readable.
As for the tiles, they're old stuff. I'll revise them and make them more in the NES-palette. Ie simplifying alot.

Here's a different take:

Would XNA be an okay platform for you?

Fantastic work. However, you could work on making the face somewhat more visible or more recognizable maybe. May be difficult since it's too small, but you could give it a try.
The sword reminds me of a light saber