Looks great.

I agree about the paper texture - it's a little heavy and yu lose your mountains as a result. I like the subtle colour for the water, but I think you've gone the wrong way by having a more aturated brown on the mountains than the land. I'd make the land brown and desaturate for the mountains. That'll also help to define the lighter side of the mountains that is currently quite hard to pick out.

I love the dragons - I think I'll run over there to grab that pack myself. Very nice indeed.

I like it a lot, and these are just minor quibbles. If you are feeling particularly enthusiastic, I'd suggest warping the labels to fit the shape of the regions. It takes a while, but the result is worth it (and yes, this is from the person that didn't label his March challenge entry at all ).