I didn't know what to do with the banana and then suddenly I remembered how we used to pretend it was a phone when I was little, so my little boy willingly volunteered to pretend it was a phone.
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Overall I believe you've captured your little boy's expression well and the exposure seems right. The hot spots on his shirt and a small area of the banana are not much of a distraction. The lightest areas of a photo tend to draw the most attention.
Compositionally, I think the image may have worked better in portrait mode, including more of the boys arm would be preferred. One thing I always hear about portraiture is to never cut off appendages at a joint (ie. wrist, elbow, knee etc). Just what I've heard.
The colour desaturation doesn't seem to work since the t-shirt probably has some yellow in it (orange shirt?). The shirt being totally desaturated may have helped with the impact of the image.
Like this BW/color thing but how you took it is not working for me. What you should try is not to have the subject in the middle but to the tight or left ... I think left in this case. Let the boy look to the right (always into the image) and crop of the top of the head and bottom of the image ... :P yes try this :)
At first I thought that white splotch on the boy's shirt was overly bright lighting. I think if he were wearing a simpler shirt this would have worked better as the white is very distracting.The background should have been blurred. I have a strong bias against this Photoshop effect. The boy is appealing, though.