( Submitted #119 )
Well, considering the fact that there are three letter into a small design, I don't think it's too complicated. You may get that impression from the cutting effect, but without that, it'll really be complicated. Furthermore, when uploading, colors get distorted (loss of quality), so that may apply an unwanted noise effect (especially to red).
If you're planning to use it as a watermark too, a white with 70% transparency would work great I think. And as for the whole logo and symbol stand-alone, you'll surely use it in a slightly larger placeholder which will surely decrease the effect of 'complexity'.
So, bottom line, I think the whole deal with blending and cutting, makes it memorable, but ultimately it's your decision. :)
Sincerely,
Andrei