I love the style, and especially the wonderful swirls of the waterborne hair. I can see why you'd make an icon out of this one. The background color gradient is a pretty nice touch, and the squiggles and a few bubbles go a long way to give a sense of depth to the water, and things off in the murk somewhere. (Or maybe that's just my overactive imagination, but, hey, it works for me!) I also like the one fish that's a bit closer and perhaps just a little curious. (And that makes me curious what exactly it is that Mr. Seamonster has in hand.)
If you're going to have sea monsters who admire pearls, I think it's a small extra step to have GLOWING pearls in the same fantasy universe. ;D Actually, I like the faint little glow: a nice touch!
DELICIOUSBEAUTIFUL * U *