Finally done with this concept, and it is now 3:00 AM. Enjoyed working on it so much I lost track of time. There is a bit more I could do but I need to move on to making it in 3D. Let me know what you think!
Photoshop CS4
Update: I have a progress thread for this scene on Polycount, where you can see the steps I went through to make this concept art as well as the new work I am doing to create the scene as a real-time 3D environment. Check it out here: [link]