Hmmm, let's see here.

First of all, this is FANTASTIC. Beyond amazing.

One thing I'll stress above all, however, is to not use pre-made brushes. The stars look totally fine, but the fishnet stockings look plastered on... They should be folding and turning with the shape of her body. Put on a striped shirt and check out how they get bigger and smaller, go up and down, and overall define the shape of your body.

I'm not quite sure I like her hair.. The shading and everything is FANTASTIC, but the way it seems to be floating up... I suggest making the ribbons of her dress and other loose parts floating as well. Honestly, it goes with the whole spacial theme of the picture, just try to stay more consistent, okay?

I find it a little disconcerting that she seems to have no neck. While I see that the fur is covering up her shoulders, you should shoe a little bit of her neck to comfort the audience. I've alreayd talked about the fur, so I won't got here.

You colored everything so PERFECTLY! I'm in love with the transparent part of her skirt, but I think it should have more highlights to match the rest. The feet look a lot better this time, but her left foot looks awkward to me. The little ribbons going down her shin should kind of be matching with the folds & direction of her leg.

That's really all... good luck in the contest and wonderful job! <3

Before I begin, I'd like to say that your character designing skills are superb...all the outfits you come up with are so cute and fit the characters really well!

The first thing that I noticed was the length of her neck. I know it's hidden among the furry collar, but even so I think the neck should be a tad longer. Otherwise, it looks as if she's hunched or slouching, which is definitely something we wouldn't like! If you look at her right now, the top of her shoulders is almost on the same level as her cheeks, which is not where they line up! XD I suggest drawing a light triangle or something to approximate the distance between her face and shoulders, that may help; but don't make it too long either! : D

Another thing that looks a little odd is the length of her left leg (our right). Since it's bent a bit forward, the upper leg will have to appear shorter than the other upper leg in order for the perspective to look right. Foreshortening is tough, and I'm definitely speaking from experience haha. >_<; I'm not sure how you'd fix it though, heh...
Also, is the bottom half of the same leg bent backwards or sideways (or maybe both? XD)? You may want to experiment a bit with that more because at the moment it's not very clear which you're trying to depict.

Overall, it's just some minor anatomy and foreshortening issues, which is something we're all working on. Everything else looks fine to me! =]
(The staff is really nice. ;D)