Well, this is probably a step back in the right direction for you. This is easily better than your previous two submissions before this at least. You did a bit more editing here I suppose, though I think it still needs some work. Your lifebar setup has a couple odd points to it. I don't particularly like the oversized character pics here, as they protrude to much into the fake. Ravage's pic doesn't have very good quality either, I can distinctly make out lines passing through the pic diagonally. I'm not really sure why you flipped the win tokens, they look a bit odd in this position. There is also a stray white pixel on the '6' in the timer, sort of sticks out a bit but is easy to fix obviously. Also, this may be just me but Cage's name text looks odd, I believe the 'C' is placed to high up causing it to collide with the top of the lifebar.
Alright, well the background is okay, but it is a bit lacking. The wastelands' floor was a nice choice to fit with the lava-like background, but really its too simple. With the effects, it makes this BG look alot like a volcano crater. The distant background and alot of the 'sky' portion of this is just plain black. I doubt there is ever a good timer to use such a thing, so try and fill it with extras. Add smoke, and a sky off on the horizon wouldn't be a bad idea either. You chose some things that went together decently, but add to it to make the background have more depth. I don't think you added the 'heat' effect, but it looks nice nonetheless. Anyhow, just remember that a pic and a pasted on MK platform don't make the best backgrounds usually, further editing is needed.
Your Ravage sprite is a nice start, but I feel you should have spent for time on it. Usually creating a custom character does take time, but often if you take the time, the results are better.I feel you should have done more editing to his head, rather than just changing the color. If you look at his character pic, it really doesn't resemble the actual sprite itself. You should try to create a larger, more dinosaur looking head, instead of just using Reptile's. The body seems too gradient like I think, the texture doesn't have alot of form. Dinosaurs are supposed to be powerful creatures, make him seem that way. Due to the quality of this, I can't quite tell if you edited the hands any, but they should be claws to fit the character if they aren't. The tail seems decent, I don't think you actually 'made' it yourself but it seems well placed. Though its hard to tell because the lower half of the costume hides it. That's really the main thing I was talking about when I said you should have spent more time on the sprite, the 'ninja' outfit doesn't fit this at all. A character with those upper body features, and a tail as well, could not possibly conceal the rest of himself in that attire. The feet should be large, and reptilian-like. His legs should be thicker to support his tail, which would be to massive for this form to support. Anyhow, like I said, its a start.
As for Cage, this too is a start but it needs some work as well. The blood isn't good, it looks too much like a flowing river. The idea of the way the blood would be positioned is nice, but in your description you say 'seeping' out, and this looks more like its just pouring out. Also, if possible, shrink Cage's waist to give him that 'squeezed' look. As for Ravage's tongue, like mentioned its all one basic color. It also looks a bit 'jagged' to me. Altering the color somewhat would be helful, especially on Cage's waist. Where it is supposed to 'wrap around' to do the actual constricting, the colors blend together to much. You tried to seperate the individual circles, but at the very top it looks far too combined. The tongue needs some depth in color, to avoid it looking like this. Also, I think I can make out both characters shadows, so good job at remembering them. Like I said, this is somewhat better than your previous couple, stay on the right track.
