This looks very nice so far. One thing I would have to comment on is the hands and arms. For me, the arms are giving off a cloth feeling instead of skin. This is from the rolls that I see on the forearm. I would try toning those down to make it look more like skin. I think you should also look at some hand references because it looks like the side near the pinky is very flat when it should be slightly curved.
I'm in no way a character artist and wouldn't be able to create this myself, but the head looks very off to me, you should probably compare it to some references, other then that the arms look bent and the legs seems to have some odd lenght balance compared to the body.
@ jose.fuentes: to me the character was looking a bit strange with a straight face, you can refer to the first image of this post: http://polycount.com/discussion/178493/old-mercenary#latest and a little downward tilt is giving the model much more character in my opinion.
@ Brain "Panda" Choi: below are some quick close up renders of the face.
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other then that I think it looks quite right
@ Brain "Panda" Choi: below are some quick close up renders of the face.