Pros: Some effort went into this. Some don't like it, but I think the wood pattern looks good. You have quite a few TF2 skins, this appears to be your first attempt at skinning DOD:S. So as a "first" skin this is not too bad. A few technical things to learn and you'll be doing much better. So don't take the following stuff too hard.....
Cons: VMT's are just not right. First, you don't need a separate VMT for the normal map. Second, and this one just baffles me, you specified the MP40 exponent map for the colt model, apparently on purpose. That's the reason things look all screwy in-game with the reflective surface. Normal map is a simple wash over with Nvidia's photoshop filter. No attempt was made to account for removing things like shadows, discoloration and rust before running the filter. This is a common newbie mistake, you're not alone. The end result is a normal map that makes the gun look like it's made out of die-cast metal instead of finely machined solid steel. Main texture wood grips color is just a BIT on the overkill side. With HDR on it almost looks like it's vomiting color.
Improvements: Download some skins made by veteran skinners of DOD:S. See how they setup their VMT's. When getting ready to make a normal map understand that you must make some surfaces appear to be smooth. This can be done by filling in an areas with neutral grey. Colors' hue should not be profusely over-saturated.
Pros: Looks pretty good, it's functional, the texture isn't too bad, and it's always nice to have a change from the default.
Cons: The normal map seems a bit off, and the texture seems a bit blurry (though that may just be the games fault). The wood looks a little plain, and there's not too much detail to be seen on the actual pistol. Some scrathes just seem too out of place as well (like the ones going from the top of the pistol through the ridges on the side of the gun).
Another point, it looks to similar to all of the other colts out there, which is unfortunate because there's not much you can do to a colt to make it stand out.
Improvements: Fix the blur if possible, and add a little more detail, as well as fixing some of the minor problems that I pointed out.
Notes: Great job anyway, and sorry for being so harsh with the approval, but with me being you're friend (I still hope I am after this :P) I had to, so you can see what needs to be tended to and what is spot on.
Okay, time i give some proper feedback.
1: Normal map does not need to have its own .vmt, lol.
onto the texture.
The wood is really the only part you completely textured. the wood is allright, a bit blurry but serves the purpose with enough detail.
the metal however is the standard texture, with what appears to be some scratches and edits. Some of the scratches work, some dont. you darkened the side of the slide a bit too much, it does not fit with the top of the slide.
everything you darkened has lost some of their highlights, and some of their detail. you can retain the detail by darkening by adjusting the levels, or increasing contrast.
The normal map is causing a problem on your slide along with the phong. the scratches you made show too much on the normal map and cause a lot of noise. tone down the contrast before making the normal map for a less noisy result.
in addition to that, not every part needs bumping - some areas can be colored over with dark gray before generating the normal map to appear smooth, which will also reduce the noisy phong.
Detail: wood is a bit blurry but it works enough, and the scratches are okay if you eliminated some noise.
Functionality: no comment, that criterion is useless for using a default model with default animations, etc.
Originality: one place im sorry to say this lacks a bit, seeing how most of the skins in the DODS colt section appear oh so similar.
Texture: Wood texture is good, but the rest of the colt is just valve's texture with edits. All in all acceptable but still needs work.