I'd still prefer the flat blue squares in the background, but then again I'm a minimalist.
I have to agree that the text is also a little too much. There are too many colors going on and it seems like they're arbitrarily placed with no real rhyme or reason. If "The Fighters" are your subscribers, I'd take that out all together and increase "The Fighting Gamer", change the color of "game reviews" to red or yellow, change the line color to black or white, and then cut down the thickness on the outline.