I do not mind if You are using 16 colors or more. Your game look very professional and I wish You good luck with finishing it. Sure, there is a lot of stuff to do, to improve, to create levels and objects etc - level I have seen in video feels bit empty, with not much decorations and architecture design, just a maze, but it's enough to show game engine. But what You have just now is stunning - in my opinion Your project got same "feel" as Gods, Chaos Engine, Alien Bash2, Darkmare and Dragonstone. I just hope You will have both great ideas for levels with different setting and determination to create them.
How about using different palette for status bar?
Will there be picture of nice looking girl in shop section? And will she be nice animated like Colin from Xenon 2 shop?
Will there be more details on walls and floors like furniture, big objects, animated stuff?
Will there be wood/forest level?