Hey, when I saw the picture full size (it is shrunken on the page) the characters look a lot smoother and the overall impression is better. That logo will loose a lot from shrinking. Usually, when you design logos, they should be the right size, right off the start. That way you have much more control. The overall design is not terrible, but does not stand a comparison with the current logo and does not fit with the design of the site. Like Cynnamin said, it could work as a desktop, but not a logo.
In my opinion, the best replacement for the current logo would be the same logo with light hitting "SEGA" letters from top-right instread of top-left.