I think it has a lot of potential, I think you should keep the curves where they need to be.
Along the straight edges they should be more hard edged if you get what I mean!
It does have a very illustrative appearance as it is now, could suit a comic book!
But it could be so much more!
Did you scan this in, then live trace it? If so avoid that live trace part for logos i'd say
Try using the pen tool for more accurate curves and you will see better results!
Or use a combination of outlined text, and the pathfinder tool, could work a treat for you!
Keep working on that one definately, then comes the hard part!
Typeface selection!
Good luck mate!