Awesome until you get to the seriously screwed up legs. Her thighs do not connect at her hips and the knees are wrong. The shading makes them look flat too. Holy crap, that neck is too long! That foot is huge!
It looks like the artist either A) Found a chopped up model photo off of Photoshop Disasters (probably footwear?), or B) Did his own cut/paste before his paint-over. This is why you need to not directly copy photos to do your work, kids. :P
At first pass the concept and color is good, he/she just needs to learn some anatomy stat.