I love the way this is toned, but I don't like the tone of this for this photo at all. Especially with the wraps on the forelegs. I think this would be a stronger image in color.
You caught a great level of light on the chest and legs of the lighter colored horse. I like the focus on the upper areas but perhaps a faster shutter speed would have stopped the legs in motion. The hooves seem to blend into the ground. - 6