I feel kind of bad for not knowing more about this character. I'm a freaking huge nerd, dangit! That being said, I have seen other contest entries like this. I guess the only reason I didn't like this that much is because you have a character I'm not familiar with. I have at least heard of this character.
Was that sprite really the only thing you had to work with? There had to be some larger official work of her. If not, then I think this was well done. This really looks just like she would look like in fanart. At least I recognize her from Final Fantasy.