not a bad logo for originality, but it won't print well and isn't very flexible. What you need, my friend, is contrast. Like a previous poster stated, will it show up on a photocopied flyer in black and white? I would definitely pick one font and go with it since it's going to be the visual representation of your band from now till whenever. I would take out the yellow rectangle and focus on the definition of the characters themselves.
The "o" symbol is a bit printerly--ie, it's a registration symbol and not that unique. Maybe there's a better symbol that illustrates what IDIOM is about and you could put that in the "O".
Hope that helps. I know it's much easier to criticize than to create.