in my personal opinion (keep in mind im not in any kind of jury here, powerless completely..)
I think the graphic should somehow represent the soul of crpg, or what crpg wants to be.
cRPG has a lot of different playstyle, styles, group play etc, so the graphic could/should
somehow represent this.
What makes this whole thing difficult is the very different perceptions of what cRPG "IS" that are floating out there.
A Ninja probably see and FEEL it totally different than a Knight, or an Archer, or a hoplite or the trolls in irc:// Who knows what the D:O:N:K:E:Y himself imagines in his mind.
This freedom of play, is at the core of cRPG soul, but representing it in a graphic the way "YOU" feel it, would certainly piss off 80% of the players. Imagine the Templars loading up cRPG with a big black Ninja graphic to look at.
Without going into the history of art, identity and aesthetics, I would love to see a good situation in the image. (like your first sketch, kind of flat and straight, but it has a situation of waiting soldiers. I sense a kind of tension there, which I very much like.. Putting the situation at the beginning of the battle would also be interesting, as well as after, or when there are very few left on one side. Rendering a typical and funny situation we see every day.)
Nothing is funny for ever though, and I'm getting to like your first drawing more and more. Just to give you some ideas for it:
What if one or more soldiers is downed by arrows?
How close or far is the enemy?
Should the graphic show the moment before the charge hits?
Should it contain some kind of "target" Hill, castle or town?
Should there be something in the close forground? (shadow of a ninja or tip of katana! or ninja jumping from the sky somewhere..)
There should be some kind of interaction.. I like the guy talking to the horseman. More situations among the soldiers!
The sun is great where you have it, but add some "fog" or so?
nervous peasant.
etc etc..
good luck!
Disclaimer:
I'm strongly against "Art by comitee" and have to repeat myself. I have NO decision making power in this.