#204 is better. The two tone silver look of the letters shows a professional look. It still reads well and wouldn't be hard to reproduce on a print or hat... I like that. Some gradients are too much, this isn't. The X is better and you only have one, which keeps down the confusion I think if both were "starbursts". The "O" is the only thing that I'm not really sure about. I guess it's a lens, but doesn't look like one to me (at this resolution). Maybe something different for that part.