Seems pretty nice, though there are some things you can improve.
1) The shoulders are really big.
2) on some places the texture wrap is kinda bad but its hardly noticeable.
3) To save space i think you should direct your texture path to "ReplaceableTextures\CommandButtons\BTNElite Light Armor.blp" and say they need to import the icon for this to work.
For a moment, I thought the one on the right was also the armor, which would have been awesome, then I realized that was just the original artwork of the icon. Still, the model is pretty cool. The wrap on the chest could stand to be improved, I think you can see where. The file size is also pretty tremendous compared to the quality of the actual model (which is on the left side of your preview, I opened up the model to look closely just in case). Additionally, to look a bit more like the icon, you should lower the sides of the chest slightly, and raise the center of the chest slightly; right now the v-shape is way too exaggerated