And here it is! After a week of deliberation, I have finally come up with a decision!
I don't want to go into the usual speech run that these posts tend to lead to, so just allow me to thank all and each of the participants for putting so much effort into this contest. I genuinely didn't think I was going to get so many entries and I'm well and trully flattered that I did, so again, thanks.
Now, without further addo, I present:
The winners
THIRD PLACE

By: ~
Daedric-PonyThis image captures the characters to a tee: the smugness in Ony's face, the stoicness on Lhyet's. The elements that define each character were used very well - with Ony displaying her magical talents, and Lhyet holding onto his trademark spear - along with very well placed cutie marks. For that, this entry has well and trully earned it's place in the bronze league. Good job!
SECOND PLACE

By: ~
my-little-veteranThis entry has to be the most unusual I received in the lot. When I proposed the idea for the contest, the last thing on my mind was that anyone could turn my characters into zombie-pony fighters and yet, it strangely works!
Aside of the uncanny setting, the technique in this picture is amazing. The amount of characters on display, the poses and the little details (such as Ony's "I'm going to beat the living SH*T out of you" face) are priceless and perfectly put together. And for that, it trully deserves it's silver medal.
FIRST PLACE
*drumrolls please*

By: *
Kerui8DI can't say much about this picture other than the fact that I imediately fell in love with it the moment I opened the link. Ony and Lhyet are simply perfect, the designs are gorgeous and the outfits are outstanding. The simplicity of it all and the cleanliness of the image really helps a picture that doesn't need anything else to it to be amazing. And because it is all I was looking for and more, this image is the lucky winner of my gold medal!

And last, but not least, let's not forget the special honorable mention for.
BEST DESIGN

By: ~
alexdream12There's something about this image that enamoured me the first time I saw it. While there is admitedly space for improvement (as there is in most things), something about the design in this picture makes me think that the artist can and will go a long ways in creating bigger, better and more gorgeous images. From the little flip in Ony's hair, to the pendant on her neck, to the braces on Lhyet's legs, there's just something about the design of this picture that makes it deserving of the Best Design Award, so congratulations!
All winners will be contacted shortly with details and options regarding their prizes, so if you're a winner and you haven't been contacted yet regarding this, please bear with me; I'll be with you right away! 
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To all of those who did not make it into the podium, I beg of you - don't give up, please keep trying, keep improving and keep coming back. I will hold another contest relatively soon, with similar and/or better prizes, so in the meantime, get to your desks and keep creating, so that next time, you'll be able to make the decision-taking process even harder for me!
Thank you all again and see you around!