This has a great storybook quality to it. Loki looks great and I'm liking his outfit. The bilgesnipe (what a great word haha) is pretty cool... And the way you arranged the three bodies works well - they carry action and manage to tell a story while fitting into the composition.
Also nice work suggesting a setting with the background.
This is probably my most favorite Thor and Loki art that I've seen, their dynamic, the flow of the composition, the coloring, its all perfect. On a related note: Sooo, anyone write anything based off this yet? I'd love to read it