I tried going for a pixel art approach once already actually, but I've never done it before and I decided now isn't the time to be testing the waters. I'm a little past due for graduation, so a risk on that end is not ideal.
For now I just draw my graphics on Flash. It's a bitch getting the measurements right for tiles, but I can at least resize the graphics to suit my needs--say, if I felt like featuring an iPad version or something. I'm trying to force a little perspective on the tiles, adding to my frustration really, but I hope it makes for better visuals.
Here's what I have so far for the first stage. It's still lacking decoration and color, but I thought I'd put it up to see if anyone else agrees the perspective is correct and applicable to a side scroller:

Also, the character concept designs. Players can choose between a male or female character with no bearing on the story. Alternate costumes will hopefully also be available, but that's a bottom priority at this point.

The girl in that pic is being scrapped because the dome-y hair bothered me. Redesigned her, but it's only just a pencil sketch for now: