The details of the contest give everyone the basic rules as well as some tips and the gallery of entries is growing but not big at this stage. I am happy with my entry - let's see how we go. I quite like the more comic-like sketch version as that is more 'me' but that didnt seem to be in the full spirit of the pixelart style...
I opted to use GraphicsGale rather than the web-based pixelart editors or the overkill of Photoshop and that worked out quite well giving me enough control as well as being able to bring in a version of my sketch to work on.
So yes, I started with this sketch done in Sketchbook for a LOL Summoner Icon showing an Epic Poro and a poor Pantheon. I wasnt sure how much detail would end up in a 128x128 res square - but you can see in the final pic that you can get lots in there as long as the primary shapes are strong.
So then after a tiny bit of manipulation to get it down to a 128x128 PNG I brought it into GraphicsGale and proceeded to recreate the pic. In the small amount of playing I did before this I found that Photoshop could quite easily take any image and crunch it down to this small resolution and it would look pretty good. I bet there will be entries in the competition that will be basically that.
Anyhow, my first step was to rebuild the basic shapes using just a few colours and then flesh out the shading until the final result.
Here are the actual 128x128 and a more useful version at 4x that res so you can see things a bit better/bigger.