I actually really like the style and the colours, while being rather discordant, actually give the whole piece a very otherworldly feel that I find quite amazing Any chance that you could do more art like this or do you prefer keeping it as a one-off?
Well it's basically a lens colour distortion effect that occurs when a lens doesn't focus different wavelengths of light onto the same spot. It basically means that areas of high contrast get a colour "fringe" often red to purple and/or a slight blurriness to them. It's characteristic of bad lenses and most photographers try and remove it! Recently it became a huge fad with artists and you'd see the effect popup absolutely everywhere which made it very quickly very very gimmicky (like lens flares).
I think used in the right context it can work well.
In terms of this image I basically just did most of the painting and once I was relatively happy with the values I duplicated the red and blue channels as separate layers and offset them from the base layer a few pixels, played with layer modes and blurring and masked it in areas where I only wanted it to show up so it wasn't too over the top.
'em and Google it for an in depth explanation if you're interested.