There are two hats a dog must wear: show dog and stud dog. The quality of your dog depends on which goal is most important to you.
If he is a show dog, his limitations would be his high tail set, short upper arm and lack of coat and second thigh. Things a judge might like (depending on the judge) are his short upper arm (seriously), length of neck, head and expression, solid topline, good conditioning and overall balance. This dog looks like he presents himself well and that goes a long way in the show ring. He also lacks angulation, but it is balanced front and rear, sets himself well and many judges prefer the movement of a dog without much angulation, right or wrong.
Now if he is a stud dog, I have a lot more problem with him. Breeders deal with breed drift and there are things that are pretty set in the breed that we like to steer clear of. Two of these are short upper arms and lack of bone and substance. If I am to look at this dog as a breeding prospect, I am going to be much more picky about him. He lacks upper arm, he lacks keel, he lacks bone, he is a bit long coupled (I think from the pic), lacks coat, don't like the tail set, don't like the tail, he lacks rear angulation, and he lacks second thigh. In a nutshell, a boy must be bang on to be considered a good stud dog.
This is why wins under breeder judges are more coveted. They recognize more than a generic dog. Many dogs who win in the all breed ring are generic dogs who may lack quality. The resemble a labrador and they don't really have any glaring faults, but they don't especially have a lot of quality and type about them either.
An example. I was at a show last weekend with two young puppies. The first is very typey and I have had a couple of breeder judges suggest that I should bring her to them this summer because they love her. When I brought her to the show last weekend, her first, the breeders there clamoured over her and loved her. She got dumped both days she was shown and didn't even get a look.
***** number two is a nice ***** who has good structure but hasn't the type of the first *****. I keep her for her pedigree and because she does have good points. I entered her the one day and she went BPIB/BPIG. Go figure.
The best dog doesn't always win in the ring. Winning is fun, don't get me wrong, but breeders can not let the judges pick their stock. If you have a dog who moves well, presents himself well, and hasn't much wrong with him, then he will do well in the ring. But for breeding, we want something more than nothing much wrong with him. We want a dog that completely fills our eye and just screams LABRADOR!
So the moral of the story is, if you want to show your boy, you certainly have every right to and you might just get those majors. If you are showing him as a stepping stone to having him bred, you might be disappointed. There is nothing wrong with showing a nice boy and many breeders get their start that way, with a decent boy to get their feet wet with.