The black and white version is definitely better. It shows texture and with the small lines there appears to be more movement in the picture.
The colored version has lines which are much too wide, for one. Secondly, the colors simply don't work. The chroma, or saturation, is much too high. Those colors simply hurt the eyes and are totally unnatural. If that's a cape, it should probably be a different color than his shirt. That background . . . yeah.
It's too close in value to the foreground. For a color picture to work, it is also important that the values work. Also, there's too many colors in there at once. I think I know the psychedelia you are trying to achieve with those colors back there, but it doesn't seem to be working here. You can't have colors from every gamut and still have it working. You can have monochromatic, analogous, complementary, et cetera et cetera. If you're having troubles with color theory, try a little bit of research on the matter; Google can turn up a lot of helpful results.
I hope I didn't sound too harsh, and I know it can be overwhelming when you're starting out in it. But keep at it, and you'll get the concepts down before long. | 
