I need to mull it over a bit more. It's just a piece of concept art, and the earliest one at that, so I wouldn't get too worked up over it in either way. As a piece of art, its very nice. As what I see for "Wasteland", I'm not so sure.
Ultimately, I was hoping to see more of an 80's Pen & Paper theme for Wasteland, and this piece looks too modern to me, from the sunglasses to the color-scheme.
As far as being a group of bad-ass Rangers, its kind of "cool"...I'm just not sure it has much of a Wasteland feel to it...
Not that we had anything to go by that was this detailed, back in '87, but if I saw that piece of Artwork with no context I would never in a million years think it was connected to Wasteland.
I think it gets the point across of the Desert Rangers being a military organization, but it doesn't go beyond that into suggesting what the world / game / look of Wasteland is going to be. At least, I hope it doesn't suggest what it is going to be, because if so I'm not feeling it.