I really don't know a whole lot about conformation... so please ignore me if it turns out I'm making a complete fool of myself by what I'm saying... :P
Apart from what you already said of him being downhill and cow-hocked, he also seems to have pretty flat withers, and something of a short neck. His front pasterns seem to a bit too... strait? I dunno.. where it goes up and down, rather than more of a slant.
He's a gorgeous horse!!! I would love to have him!!! :P
FutureVetGirl, you are definitely seeing what is there. The thing to keep in mind, is the lack of withers is common on horses that are downhill. Once he levels out, they'll be much more obvious. His pasterns would be more correct if he trusted a farrier enough to let them trim him. Currently he is wearing his hooves down on his own, so the angles are not correct.