I think jax looks pretty cool how he's melting.
Raiden's "dieing" pose looks pretty cool. The blood coming from Raiden looks pretty descent too.
I like the skeleton on the floor.

HOWEVER (this is where you wanted the honesty
part)

Khameleon's skin color is too dark, I think it's more like Kitana's

The background looks, well.. not very organized.

The Floor where they are standing doesn't go with the background. It doesn't look like they are connected.

If Jax and Raiden are losing, there shouldn't be dragon next to their life bars...

And MK2 reptile is holding a UMK3 mask.

What black saibot said, and it's pretty cool overall, specially the smoke coming out of Jax's melting body.

I love it

I like it too, and the floor doesn't bother me at all, but there is something strange about the wall behind the throne, for some reason to me, it looks like it doesn't belong there, or it looks out of place. Maybe use something else.

There is just something about it.