Interesting concept. Not a fan of the font you have used and feel it has a bit to many colors for us. I like the flag treatments but has me thinking I am driving a Corvette. I think you have something here but needs to be flushed out with a few more versions. I would like to be able to have the logo mark have the ability to just stand alone and be recognizable with the name.
I don't know if I love it or hate it. It seems to predictable to me and I am looking for something more like the Fuel TV logo. http://www.fuel.tv .. Look forward to see what you come up with.