Creative - but not visually appealing enough to me to make it worth further pursuit.
Also, one of the things I'm wanting from the final logo is to have the graphic element movable to either the top of to the left, in addition to being able to stand on it's own without the text. That way, it is more flexible since I can use the graphic to the left in footers where a wide but short rectangle is highly desirable, or flip the graphic to the top when a more 'square' shape would work better. Too much of your idea here is about the text wrapping elements, which would be very restraining.