Your shirt is little loose. Gonna lose aero with that.
I think raising the seat 1mm would be just right.
Generally pretty good. The saddle looks a tad low, maybe 1cm. Stem looks a tad long and low for someone just starting out. Only issue there is that it can get tiring until you build up the legs enough. I might have chosen a larger frame, but that one will work fine. Don't be afraid to play with the setup, as eyeballing is just a starting point.
I agree with those above that things look pretty good, aside from the low saddle.
Chaad--'95 DeKerf Team SL, '02 Lemond Buenos Aires, '05 Novara Buzz, '73 Schwinn Collegiate, '06 Mountain Cycle Rumble, '09 Dahon Mariner D7, '12 Mercier Nano, '12 Breezer Venturi
The advice above seems right to me also. A bit much bend in the legs so raise the seat, maybe one cm, maybe two. Arms seem to extend forward instead of being at a right angle to torso so if the saddle is at the best location, then a slightly shorter stem will be an improvement. One thing I've done when messing with my fit is to place a dot with a white-out pen at every location I intend to change, such as seat post, saddle rails, and handle bar. This way if the change does not work out it is simple to get back to where you were. The Park Tool company has a Road Positioning Chart http://www.parktool.com/uploads/file...sitionroad.pdf that can be printed out to record your road position for future reference. I've made multiple copies of that chart over several years and it is interesting to see how my fir has changed in that time.
I'd have a shorter stem , myself .. as I get older, bars closer and higher but you're half my age.
I always check my seat height by putting my arch on the pedal. When the pedal is down, I can just barely keep the arch in contact with the pedal without rocking my hips, but my leg is fully straight.
Saddle setback and tilt are critical for me. I've got very long legs and short torso, and find that I prefer the saddle quite a ways back and tilted just a bit nose up. Otherwise I find myself sliding forward on the saddle. Once the saddle is in the right place, don't compromise for reach to the bar and brakes.
Brake height on the bars, stem reach and bar height preferences change with age and fitness, as others have suggested. I've never come across a guideline for those dimensions that work better than my own sense of what feels right, which only comes with trying a setup for a few rides. With the variety of bar shapes, reach, and depth now available, the old guideline of "front axle hidden by the bar center" no longer applies consistently. And what was quite comfortable 20+ years ago (then early 40's, older probably than the OP is now) doesn't work for me anymore. I do wish that I'd been smarter about getting bars higher even back then, and am comfortable with bars 2-3cm below saddle height. I would suggest that as a good starting place for anything except actual racing.