@bengoshia: I love your edit! Besides the flesh tones being a solid improvement over mine, he's a couple pixels shorter, which seems to have solved the issue I was having with his body proportions, and will also give me a bit of play for his run cycle (head bob). I see you have given him a nose as well; I was debating on whether or not the sprite's size warranted using a pixel for facial features, but it looks pretty good.
I actually already own a copy of Richard's book; have you seen his DVD set? The book is awesome, but seeing his principles in motion is amazing. Its very pricey, but if you don't frown upon help from pirates, it can be obtained elsewhere.
@ErekT: I redrew the gun like 10 times lol... this is his 'idle' pose, guns at rest, so he isn't supposed to be pointing it straight ahead, but I see what you mean about the gun. I kept struggling with making the gun's body appear straight without pointing too far down or 'melting' it as you put it. bengoshia's solid highlight along the top edge seems to solidify the gun alot.
Thanks for the help guys, I'll keep you posted on on my progress.