I like this, but I feel there should be more throwbacks to Skeletor's old design, like crossed bones on his chest, or a hood. As it stands, it doesn't feel like a redesign so much as just another character with a skull for a head.
The overall feeling of the character is really cool, I really like but I think that there is room for some improvements. For exemple, in the first render i find the neck chainmail really rigid and not very good looking when you compare it with the skull. But it's up to you ;)