Looks great, the blending is smooth and though it's texture heavy it doesn't seem overworked. In fact it's quite simple and clean. The unsaturated gray tones make it easy for the little orange tentacle to stand out, attracting the eye almost immediately, helped by the strong vertical lines.
What bothers me a bit is that it seems to heavy on the right side, I think it would benefit from another element on the left to balance it all. But this could be a bonus if used as a wallpaper, as the empty left side can be used to place icons.