The file size is quite ridiculous; I really think this could have been pulled off with the same visible results with less polygons.
It doesn't help that you include the portrait, making it look even more hideously huge.
The actual attachment is 62 KB, which is still pretty huge, but at least it is of acceptable quality. I strongly advise that you remove the item version and then put a link in your post to a download for the item version, because the 130 KB file size of both combined will discourage many people from downloading it.
It does look really awesome, but I feel like you did this pretty lazily; you could easily have made it look just as good without nearly as much file size. You use lots of polygons and wrapped high-quality in-game textures to it, so the good-looking result is not surprising, but with more work you could have easily saved a lot of KB's.
One place you should definitely look for reducing file size is the skull, which looks very simple yet uses an enormous amount of polygons, with the highest polygon-density of any other part of the model. You really should simplify the skull, you could use quite literally under 30 polygons on the skull and still have it look the same.
You could also consider taking a couple segments out of the handle and then just scaling up the X-proportion of the leftover segments to fill the gap.
Until you find a way to reduce the file size, I'm going to have to give it a 4/5. I know, I know, the quality, it looks really nice, but file size is important too. Anybody can make something look good if they have no limits. Stick in 8,000 polygons and have a 1000 KB shield, it will look really high quality, but the skill is in efficiently using the file size to make something look good without having to be huge. Don't get me wrong, I still really like this, hence the 4/5 which is not a bad rating, but for a 5/5 this will need to either lower its file size, or look better without increasing the file size; either way, the quality needs to match the size or the size needs to match the quality. The good looks are pretty big, but right now the file size is even bigger.
You can definitely get this to look just as good with under 50 KB, most likely even with under 30 KB with a lot of work. If you can get it under 50 KB and still look this good, that's all it will take for a 5/5 from me.