His arm really distracts me from the rest of the piece (as did the arm on the last version).  I understand that you're not going for an anatomically correct style, but it's important to understand anatomy at least somewhat before you break it, so that when you change something it will be a rational decision which adds to the look of the piece, not a random mistake.  For instance, his deltoid is positioned so that his arm almost seems to be in three segments, and the positioning of the hand seems painful.  If you slim it down a bit, glance at a few references and convey most of the shape with some shading instead of those lines, I think you'll get a much better result.
I dunno, just my two cents.