Now this is an awesome photomanipulation. The tentacles and the old statue really blend in with the model's body.
I'm not the biggest fan of the background though... The moon and bubbles don't really seem to add to the image. Since this is an above water scene, I don't think the lionfish fit either (maybe leaping dolphins or whales).
Overall, this is one of the better quality photomanips I've seen on dA. The background is a bit excessive, but it's still a great piece nevertheless.