One little thing that at first I thought was just my eyes- until I measured it in Photoshop just now is the the text in both the circular and oval versions is off center to the left. Not hugely mind you, but enough for me to pick up every time I look at either of them. 😉 On the other hand, both versions are nice work, but I much prefer the circular version (with the eyeball connotation) too!
EDIT: Whoops it looks like I am not alone on the off centered comment! Guess I better learn to read better. 😱