Actually, part of it is a terragen render. A matte painting is basically a composition created by blending photographic, and digital elements together. Digital elements can include painting, 3D renders, and terragen.
I think it looks great! As stated, light direction is somewhat of an issue, but it's minor. All the stocks came together very well. I assume this is a matte painting (judging by its category)? What was painted? Ususally when I see a matte painting I can tell it is, but this one looks so damn realistic!