In addition to Ian's comments, I'll add that portraits of anyone or anything are usually best in a 3/4 profile rather than head on; this is especially true for animals with long muzzles.
I do find the throw of the depth in this shot interesting - the way that the background legs and body are shown lets them be part of the shot without distractingfrom the main subject.
Sadly I have to agree that blaze being overexposed just distracts far too much. Brightpoints in a shot generally attract our eyes attention, and when that point is the key focus of the shot as well its highly important that we capture them spot on for the shot - the lack of details is just not working
Also if you want some creativy horsy ideas I suggest having a look at some of Raphael's recent work over on flickr Flickr: Raphael Macek's Photostream