I like the added rocks. More variety to the environment is almost always a plus. Though it looks like they've kind of just been placed randomly rather than with purpose. That red stuff on the ground... is it lava? I can't really tell. If it is, it seems a bit off in the middle of a grassland.
I said this last time, but is there any purpose with making the heart so big? I assume it's your health, but it is bloody huge.
It's nice the text now fits in the box but, like the heart, it really seems a bit large. I actually prefer the font from the first screenshot you posted, but the text box needs to be shrunk.
I agree with what you're saying about the tiles being reminiscent of the old-school RPGs, but at the same time you're still developing for 2010-2011. You have got to keep that in mind. You can make a game look retro and still look nice.
I assume this is the kind of graphical look you're going for (this is from an early FF):
Even here you can see how the water looks like it is part of the land, rather than flooding over the top of it.
Here is the same game with the GBA remake:
Obviously a huge quality increase, which should be expected. I realise you can't do those kind of graphics without a team of people, a decent budget, and a lot of experience. But, I think, you will find a very small market willing to accept the graphics shown in the first image. Even just the grass tiles in the second there make an amazing difference to the quality.
I suppose the grass tiles you use just doesn't look like grass to me. Just green rock. Obviously you don't need to make them look as nice/high quality as in the newer screenshot I posted, but I think making it look more like grass would help.
Her'es another screenshot from the first Legend of Zelda, on NES:
Even here you can see how they make the water look distinctly separate from the land.
But if you're set on keeping the graphics the way they are then go for it. It's your project, it's your game.