From a painting standpoint, what got my vote was the basing on the dwarves. I think that the dwarves are cleanly painted, love the blends on the reds, and the whites - even on the out-of-focus foreground dwarf - are quite good. Red and white are very hard to do well.
While the presentation on the Saxons was much better and makes for a stronger vignette, I feel that they suffer from very abrupt highlighting - the paint could have been thinner, and the transitions could have been much less abrupt particularly on the banner and shields.