JBaird:
Looks pretty nice! A couple of notes though:
1) Don't use PNG image format for internet! File size is WAY too big (about 1.5 MB) and takes forever to download. You really REALLY should edit your post and change it to JPG which would be under 200 KB.
2) Texture resolution should be 2:1, so you're losing half of your texture resolution by using 1:1. So you should be using 1024 x 512 or 2048 x 1024. When exporting the UV layout from your 3D software you should be able to specify 2:1 ratio so you don't have to make any adjustments.
3) I like the rusty hole you made in the bottom of the box, however I think the edges of the alpha mask should be harder edged, I can see some softness and partial transparency there that isn't realistic.
4) I think the handle and areas around the handle should show more wear and dirt - that's the part that gets consistently used.
TheCorey:
1) I think it's a little bit silly to have "MAILBOX" written on the side, since it's already obvious what it is. Having text is nice, though - how about someone's last name, or street name?
2) Your texture would benefit greatly from some baked ambient occlusion!
3) I think the normals are a little strong and too "bumpy" - if you used CrazyBump maybe tweak the settings?
Otherwise pretty good! I can envision this mailbox on a quiet, rustic, rural farm road. Is that what you were going for?
