Ah, my first critique!
Okay, here it goes.
I think this image not only manages to capture the spirit of the original game, but it transcends it. It's like you've been given a crayon drawing on a paper towel and made the Mona Lisa out of it.
Another critique of the image mentioned how the characters sort of fade into the background, but I disagree. Thanks to the movement of Pit and the enemy, my eyes instantly shot to them, fascinated by all that is happening in the upper-right-hand side of the image. It helps that the enemy is dark and red, and really sticks out amongst the light blues and whites floating around the piece.
The only technical bit of critique I can put on the image is the Earth's horizon behind the foreground. The way that the clouds are hovering above the ground almost seems a little lop-sided. It's such a large detail that it's hard to ignore, and it just doesn't look totally right to me.
Anyway, aside from that, I think you've done an outstanding job and should be proud of your fine work on this! Add Kid Icarus to the list of games that you have made super-awesome, and completely you!