It looks nice, but it needs a little work. The color is too 'flat' - it doesn't vary at all throughout the whole signature (doesn't help when establishing a focal point [mario]). Try using the colors to add a little flow and move the focus to where it should be. The text positioning works on both imo, both have pros and cons but really you should delete the text and try a different style - doesn't really fit in. If I had to choose between the two, though, it'd be the first. Good job
The effects are pretty good. At some parts it just looks overcontrasted / -sharpened. Darken it a bit as well.
V3: I toned the overall contrast of the sig down, and changed the text and the placement. I did some other changes, such as the color order of the lines and the look of the fire behind mario.
