Good: The colors work well together. I like the overall continental shape.

Bad: You've got multiple lakes with multiple outlets. Normally, a lake has only one river flowing out of it (there are a few very rare exceptions, but these lakes don't appear to be placed where an exception would even be an option). Of course, if something artificial is being done with the water flow through dams, magic, or river spirits, that's another story.

I agree about the waves. It looks like the sea god is very, very angry. The style is too realistic for the giant waves to register as symbolic.