Should add a source that would give it the amount of uplighting you have (spotlights/worklights/other bigger than what you have at the moment as it looks too small a light to give it that sort of shadowing) otherwise it looks wierd, massive lights above giving off not so much light where as nothing on the bottom giving big light source, looks like the uplighting is the source of the shadows as well (dunno if it goes differently in max/blender as im used to -cough- maya). Personally I'd add ambient-like light (directional), to lift the features and would then bring out the feet as well as it looks like it has a pair of hoof's right now. But as you say, it would make ya cough up at the render times.
I do love the render though, texturing is understated enough to give it the "how I would imagine them to actually look" rather than the garish colour schemes or shiney looking metal I always seem to see in mech renders.
