I love looking at this one! I can't pin down any exact reasons why, so it's a little bit of everything that I like! Oh, wait, I do really like the way the wings were drawn. I see so many pictures with odd looking wings, which makes me sad. But these are rather good!
I think the wings could be a touch lower. My mental idea of pegasus anatomy says that the wings attach about a hoof and a half lower on the back. But what can I do right? Can't broadcast my thoughts to everyone thinking about drawing pegasus, can I?