While the model is very good for a first 'real' model, a few suggestions:

You should get used to skinning. Get a program like GIMP if you cant afford something like Photoshop or PSP, and practice the heck out of it. I did what you did and used reference pictures for skins and now I'm re-learning everythign to learn to skin.

Learn to use your imagination more. I'm not saying use a real gun model, but dopnt set the reference picture as the background image in MED. I'm assuming this is what you did whereas the reference picture fits perfectly as the skin.

On the modelling: I dont know if this if for a first person point of view or not, but you should delete unseen faces to reduce polycount. Ones like on the front of the barrel, o nthe bottom of the clip, etc.

Dont get me wrong, Its a very good first model, and what I said is what I'd do differently if I could do that agin *sigh*

[spam] 1.5 thousand posts. I must be a spammer... [/spam]