well, Im not big fan of the shadow, I tend to like outer glow better, and way softer than that, the shadow is too intensive for me.
Wings aren't blending properly with the shield, even if you want them to be different, I would probably go and try to make them as a background watermark or making them part of the shield. If you're vectorizing everything, put a bit more of effort and vectorize the wings too :P
You're mixing many styles again and it's quite chaotic, the flourishes don't fit with the whole picture, and they become more of a problem cause they are just covering part of those wings, making its shape hard to difference.
The gradient you're aplying in the letters...I don't dig that, i'd try with 2 colors, none of them black or white, but a intense one at the top (closer to the left top corner in the photoshop palette) and a bit darker one for the bottom, try it like that.
One thing you have to consider is that soft changes are always easier in the eye, use the color difference only whenever you want to trully make a difference between the shapes, remember my tshirt design? I used a pinkish for contrast cause I really wanted that to stand out, I used shadows of brown for the rest cause I wanted to make that part easier in the eye.
Hope I helped!
