I agree to an extent, but there are a couple of problems... one being I just don't think I have the bandwidth to get all of the animation done if I increase the number of frames that will be in all of the various cycles.
If that weren't an issue, I could slow the fps down a little to help it be slower, however another problem is that at the size I'm working at, the character is only moving a very small number of pixels. The character you pointed out is larger, and so there's more resolution to play with subtle motions in... I'm not confident in my ability to make this more subtle at the scale that I'm working at.
Maybe it would be more appropriate to take out the animation, and leave it more like a Megaman or Battletoads style keep-alive where he just blinks on occasion? The characters are going to have multiple weapons that they can pick up and throw and swing, which means there will be multiple stances per character... so I'm trying to keep the stuff as graphic and the animation as limited possible
Now Scott Pilgrim used more frames of animation and looked great; but I felt that what I was doing might be a nice compromise between that and the old NES style idle animation :



edit: meant to include an updated foot animation... I think it does actually make a difference.