Well, I'm assuming the top photo was when she was in much better condition! She's a little chubb monster! Not that I can really say much. LOL
I'll start off with what I don't like:
First thing that flies out to me (aside from the throatlatch, but that's been beaten to death. LOL) is the size of her shoulder compared to her hip. She looks like the type of horse that is moving off her shoulders and not her hind quarters when she's working.
By doing that, she's putting all her weight on her front, and not only making her a much "heavier" ride, it builds up mass amount of muscles while the hind end gets left behind (No pun inteded!) thus leaving the hind end with very little work so the muscle gets depleted.
Making sure she's working off her hind end and doing those exercises should help to build that up, and even her out some.
She does appear to stand a bit under herself, especially in the front end. Slightly toed out and sickle hocked, but nothing major.
Her neck could tie in a little bit nicer into her wither's, but, eh. Lol
What I like:
Despite the lack of muslce, I really do like her rear end. She's got a nice round croup with a very nice tail set. A good slope to her hocks which tells me she should be atletic and WILL be able to get down on that hind end if she wanted too.
Good length between her back and neck, and a nice topline.
She's got a pretty face (although I do like mine a LITTLE bit more feminine) with a nice distance between the eyes and nostrils.
She's got a good eye, and looks to be a very quiet horse!
And I love her mane, tail, and ears!