Well I am certainly no expert, but I'm happy to tell you what I think anyway. ;) In terms of composition and perspective this is really a great shot to begin with, and your shutter speed was right because you stopped the water without blurring it. The colors seem a little washed out, so I would have increased the saturation and possibly also the contrast, and maybe sharpened the rocks in front of the wave. I also would run it through Noise Ninja or some other noise reduction plugin to get rid of some of the digital noise in the dark areas.

Excellent photo... although it looks a little flat, next time try getting a rock closer in the foreground to help lead the eyes out to the waves. It's not always about the settings on your camera, it's about positioning yourself and what you want in the shot...did you use a tripod? I wouldn't say that the color looks washed out, I bet there was a lot of mist right there although lowering your white balance a little will make colors look more rich. Look at the picture, imagine what you would see if you would have turned to the left a little more, and taken the shot closer to the ground; the photo would have fallen into the rule of 3's and you would have the lovely birds way back in the distance creating a image that pops out at you. These are just my opinions....BEAUTIFUL Photograph!

Those waves behind really capture one's attention. I think it begs for a wider panoramic view. I read the other comments above, and have tried a couple of remedies with your image. In Photoshop, you can go into quickmask mode and do a black to transparent gradient, which will create a soft gradient selection. I've use that to increase the color and contrast on the sky and waves in the back. Please feel free to have a look and let me know if you like this any better.

http://teacherlink.ed.usu.edu/nmsmithpages/Caedes/Tutorials/yvetteanalla.jpg

It is a great picture, the wave is even towering out above you ! great picture.

Incredibles shot....Great capture

This is great! The color and movement of the wave contrasts well with the fierce permanence of the rocks. Love it!