This is quite a beautiful piece of digital work. Even though it is more semi-realism than realism, I love how you tried your hardest to make everything come together so smoothly. While I really enjoy the lighting, shading, background, and characters in this piece, I would have really liked if you had not cut out the legs and the arm and cape of the male. The clouds also look a bit too...cartoony for this particular work. I think that you could have blended in the shading on them a bit more, so that it did not look too "chunky". If you look at the shield, you can tell that it is not a perfect circle, but then again who can draw circles? I kind of think that it makes it look like it has seen many a battle and has began to show it's age. Something that I am curious to know about is why the sword, the shield, and the male's belt all have the same symbol on them. I don't believe that people on the same side should be fighting each other... Another thing I really like about this piece is the male's glowing eyes. They give him a spooky and powerful appearance. Overall, this is just a simply stunning work. You just might want to pay attention to a few things next time.
The realistic part of the image looks a lot more detailed and complex. . . there are more things your eyes want to look at. The anime side, in contrast, is very simple. I think is upsets the balance of the image a bit. Maybe a pattern on the clothes, some jewelry, etc. would have balanced it out a little more. You did a very wonderful job with her hair though. Also, the fire and smoke is fantastic!
Overall this is excellent work. The only thing that bothers me is her sword. It doesn't look hot, it looks cold, like an orange popsicle. I think the colouring could be improved a bit to make it look more metallic, and reddish, like red hot steel. It's also a rough looking (not smooth, like radiating heat) blur at the edges which to me gives the impression that it's dull, like a big club, not sharp like a blade. Everything else about the image is pretty awesome, but the sword, being so big and orange, draws my eye to the point where I'm not really looking at anything else. How about making it smaller? Personally I'm not really a fan of these 'larger than people, Final Fantasy-esque' swords. To me it would look more bad-ass smaller. At that size it just looks kind of silly. Maybe just me though.