This is the first iteration... if you like it I was thinking it might look better as a circular crest with the letters arranged around it like a flight badge.
We'd love to see the idea you mention above. Here is some additional feedback:
Outstanding job at making the pig aspirational and adventurous, he looks very passionate, bold, dare-devilish, like he's in hot pursuit of fun. Those are qualities we are looking for. That being said, what we'd like to see is the pig image to be larger and more dominant in the logo design - that's the part of the logo that we want to pop out. However you want to accomplish it, let's emphasize the excitement expressed by the pig's character with the verbiage taking more of a back seat to the image. We are glad you included our tagline in the design as well - keep it in there.
Like this new one too! Would like to see a different font treatment on the Flying Pig Games verbiage (something a little more stylized but still very readable?) and the Games for Your Passions verbiage (having a hard time reading that one). Really liked the font you used on your first entry, but realize it might not work on the new design. Hope this is helpful.
Can you show us the pig with a beanie as applied to the design in #103 (so his nose sticks out past the border some), and then make the tagline a little darker gray - so that it's more readable but the company name is still prominent and the first thing you read.