It's pretty good for an early pencil test. the motion everall is pretty smooth, even without inbetweens. However, he should probably pick up his feet a bit more, and bend his arms at the elbows a little as they're swinging back. Mostly the feet though, because it kind of looks like he stepped in something and he's trying to get it off his shoe. I'm also not quite sure why he turns around at the end and starts to walk backwards. All in all, though, I think two or three more runs through tweaking, and you'll have it. Also, if you haven't already got it, I suggest buying "The Animator's Survival Kit" by Richard Williams. He was the animation director for "Who Framed Roger Rabbit". It's probably the best book on animation you'll ever read, and for 2d, it's possibly the only book you'll ever need.