there are a couple of things that come to mind when i view this image. for one, like others have said, it is quite flat. there is a nice black (his hair) and a nice white (the background) but the grays are quite drab, and this is partly because of the lighting. It looks like it was supposed to be even, but got a little messed up (especially noticeable on his face where there is slightly uneven lighting and some strange shadows). 'high key' or 'hot white' images don't USUALLY work in black and white, unless there is some incredibly fascinating subject matter in the photo. I might be a little biased though, because I don't really like any bright white style portraits because they are so cliche and usually pretty boring.
For this shot, I would recommend color, since the image's tonality on a whole is quite drab. The pose is not very flattering, both the body and the head (others before me explained why). the exposure seems good, just watch your contrast. One thing I really like is soft lighting (that is relative for each person though). Something that might help an image like this from being 'shadowy' like in his face and shirt is to use shade/diffusers in between the subject and the lighting sources. one common method is to have someone hold a large but thin white sheet in front of the subject, diffusing the light before it hits the subject. Just a thought. Keep in mind that nothing is wrong with shadows. For instance, in 'Daniel's' avatar, that picture has some harsh shadows, but it still works out nicely because the shadows have a slightly softened edge, which usually means it was shot through a diffuser or bounced from a reflector. light straigt on from a flash or continuous lighting source gives off harsh, 'sharp' shadows, which are usually quite distracting.