Well, the basics are established - stem fits shank, shank goes to bowl. It's a pipe! Hooray!
Now you get to spend about 5 years perfecting this system.
I think the most obvious points to refine are the transition between the shank and the stem - that should be perfectly smooth - no bumps, indentations or gaps.
The shank gets very fat at the bowl, and especially because the stem is so straight, it just looks "wrong". You can carve a pipe where the shank gets fat, but that's usually a horn, and the stem needs to incorporate that idea somehow.
It's too bad the briar wasn't a little better on the bowl.
![Sad :(](./images/smilies/icon_sad.gif)