I would have personally accented the reds and oranges a little more, perhaps splash some around in the background. I would also have tried to darken some of the areas meant to be in shadow to add a sense of depth. Some blurring of the background would add depth also. As for the rest, good job with effects. I like it. Text isn't bad, but I'd play with it a little.
I agree with most of what Zeta recommended. The grey part of Kyurem seems too dull. I would love to see it with more contrast. I also think the text could be a little sharper. It seems just a little blurred to me. It might be your anti-aliasing method but I'm not sure.
Agreeing with the two posts above, and I'd like to add two ideas. Your lighting and shadow doesn't seem to be as clear as I personally would like. Secondly, did you consider having a different font than this?
Well I mean, I decided to go for a simple font. As for the shadow and lighting, I softbrushed the edges with black, and I did a large white brush thing for light.