This is spectacular. I love it, my wallet weeps. My very first LEGO ever was 6060- Knight's Challenge. Makes this special for me.
As I said it is amazing, awesome and many other utterances, though I did envision a few other things.
This is what I had imagined.
More competitors:
It would have been nice to see at least 4 knights. Lions and Dragons of course, then the new Falcons and perhaps a New Forester or Wolfpack Knight. Each with his own squire.
I understand this alone puts it at 8 mini figs and four horses right there, but I'd pay a little extra for that.
More going on:
The joust is beautiful, but perhaps a tourney pit for the other weapons on foot, that would not be too many more pieces.
Civilians:
They are great, I love everything, but it would have been neat to see a grandstand and a vendor of some sort "Yak's meat, hot wine!" anyone?
Royalty:
It fits, seems right, not really much more I can say on them, perhaps the younger Lion as the Lions Champion, vying for the favor of the green dressed beauty?