It's certainly the beginnings of a strut
I kinda like the exaggerated head movement - but the head seems to move quite rigidly and doesn't have the relaxed, overly confident sway, that you'd expect from a strut. As we are at the head, I think you could do with having the eyes focussed on something. When a character moves you very rarely have the eyes following the head and staring blankly straight out - they will always be focussed on something. (look in a mirror, focus on your eyes and move your head around
)
Not quite sure about the arms here, looks like they are holding something, like an invisible pole out in front of himself - I'm guessing you are using IK arms. You can animate swinging arms with IK and get some nice arcs in the movement... but you may be better off switchng to FK arms as it's a little more intuitive when animating an arm swing. Also, look at getting them going back and forth opposing the legs (as in, right leg forwad with left arm forward).
Another thing to look out for is that you seem to have feet sliding issues. I personally start off animating the root controls and leave the placement control where it is. I think that creating a looped walk 'in place' so to speak, is generally used for game animations - it is often difficult to match the footplacement with the groundplane and not get any slips if you have animated the char in place.
Sorry for the ramble - hope it helped
