Oh gosh Erf, you know I love looking at your wonderful fan-art. The colors are beautiful, you can choose the right colors for the right areas. It's great to see you using a lot less lines as well, it really expresses your style.
Let's pay attention to the main figure. You did the right thing for not placing him smack dab in the middle of the page, as the glow around him helps show he is the hero (and that he is a bit holy). Since your art is more stylized, I'll have to be nit-picky about details, or rather the shading. You have a wonderful sense of lighting and shades, but I would love to see more core shadows/back lighting.Seeing colors bounce off from one object to another keeps a person's eye moving around, and it can make things more rounder. I think the band on his left (our right) arm looks as if it's going another direction, not particularly connected to his arm at all, though that's something that can be easily fixed. His left (our right) hand has only four fingers, unless his thumb is hidden behind his palm.
I think you did a wonderful job with the monsters.
Though, the perspective on the pillar (the one Icarus is standing on) seems to be off, though I wouldn't know how to fix that without redrawing the whole pillar.
I am absolutely lazy, but people in the comments probably have stated all the things about Palutena. Mostly the nose is what I think is the most noticeable. (Going off to the side to much.)

OTHERWISE, I LOVE YOUR STUFF HURHURHUR. It's so fun to look at your artwork because it's so colorful!