Ahh, so you wanted him floating? You can actually take lotsa liberties with floating~

I think what would really help this sprite is some dynamic motion. To show you what I mean, I doodled this, as I am not too good at explaining what I mean in words.


This is (pretty much) the same pose you had originally, just from a different angle, and his head is turned slightly towards the camera. I also tried to make his legs not as bent and more relaxed... I hope you can get some ideas from this.

Not that I'm an expert or anything, but the first thing I want to point out is that this looks more like running than walking considering how fast the animation is.  There should be more of a pause when they take a step down, and the body should kind of "pop" up when they start taking the next step. The second, smaller pair of legs is animated pretty well, but it would be easier to tell just how well they work if we had the rest of the body to judge by.

I agree with sonic_reaper. o: It looks less awkward when his legs aren't bent so hard. But it's kinda boring... maybe you could try doing something with the other arm that's just hanging there?