Hmm, have to agree with Ginger: that is an overjump. But not in the strictest sense, I suppose. The horse has jumped far higher than necessary, but only because the knees are dangling way down there in the 'babyish' style; if the knees were properly tucked up, he could jump about a foot lower. It might be that the height is just below what the horse is capable of, so he's not using himself to his full potential.
As for the rider...not bad!
Could afford to be a little less ahead of the jump, but nothing major at this height. You probably don't need to fold as extremely over such small fences, though (although you might if the horse always jumps that big!) Nice straight back and looking up. The main concern is that the lower leg has slipped back - this might be because you've jumped a little far ahead, or also because the saddle seems to have slipped back on the horse, but you need to have your leg underneath you to provide a solid base. Also, toes in! No, they don't need to be straight forward while jumping, but moreso than that. If they weren't turned out so much I think it would help keep the leg from slipping back.
I wasn't sure whether to mention the release. It's a very nice crest release, which I understand is what is taught by many instructors in the US? However, I'm in the UK, so I've always been taught an automatic release (straight line from elbow to bit, keeping the contact all the way through the jump) and that a crest release was something for novice jumpers at risk of socking a horse in the teeth or for when something goes wrong with a jump. So, in short, the crest release gives ME the impression of a novice jumper, and I almost voted lower, but then I remembered that's often how people in the US are taught (Thankyou, George Morris...) ;)
Disclaimer: hard to judge accurately from one pic!