Hmm... If I was to guess, I'd say the first thing I think of when I look at that is some sort of spirit bomb or something. I guess that you tried having the blue stuff water? Well, thats cool... But loosen up on that effect a tiny bit, and try to give the land more shape. Also, yes it is sort of like an oval... Make it a circle (In photoshop, press&hold shift while draging the circular marquee tool in order to make a perfect circle) For a first planet its really good, and I bet its hard... I myself havnt tried making a planet yet. But Im just giving in my two extra cents.. :] good luck with it! I'd love to see your progress.