I think it looks pretty decent. Maybe have the upper forelegs blend into the rest of the body a little better. They look a little more bulbous-y than I would think they should.

Other than that I think it looks fine. Maybe mesh his belly and chest together more so that they look less separated. (Not sure if those words make sense entirely)

Pretty much what Scoopicus said concerning the lack of definition of the chest/forelegs and upper forelegs.

I do feel like the space between the head and "shoulders" of the foreleg is way too big. Might be nice to see the hindlegs too, even if they aren't as large as the rest of him. I also wonder how having the stomach starting a little higher might look, although that might be stretching it. But all and all this is coming from a guy who doesn't draw ponies often or even does studies on it so that's another few grains of salt on top of the salt pile.