I had a lot of fun on this one.
A few balance suggestions though. The 500 gold reward on the Coliseum seemed a bit underwhelming -- particularly as you'd get nearly twice that just in the process of killing everything :P
Also, given that the Coliseum made you ridiculously powerful (compared to Gordzak -- I killed him in about 15 seconds of spamming the magic button), I'd point you toward what they did in the Baldur's Gate expansion: if you did the expansionary content, the last boss scaled up quite a bit. Not only did the last fight not get trivialized by the side content, but it felt a heck of a lot more satisfying too. If you make another RPG, I'd ask you to keep that idea in mind.
 "Hero's Arms"){kind=icon}
 "Globetrotter XL"){kind=icon}
 "Bible Fight"){kind=icon}