I am in 2 minds on this, 1) Have a plain black bezel like the original big red or 2) Try and make something unique and Red.
Personally, I like things a little more understated.
Also, in my opinion the words "Neo Geo" don't add anything to the presentation that anyone except a hard-core gamer will understand. For the uninitiated, I don't think neogeo generates much excitement or provides useful context. Personally, I love the bezels of the original games that added to the overall story of the game. The words "neo geo" however, don't add to the story... it just adds to the branding. Branding in and of itself can sometimes be interested (see race cars) but in Neo Geo's case, back in the day I mostly just thought it made the cabs look cheap. After all of these years, I get a bit nostalgic over Neo Geo cabs myself. That said, I think that part of the presentation of these cabs isn't just for me, but for my friends and family. With regard to my family, I guarantee they wouldn't know enough to feel the same way about the Neo Geo... they would probably just assume I bought some cheap arcade thing off the shelf.
To sum up: I don't think it looks bad, I just don't think it adds anything. Conceptually, it may take away from the overall quality feel of the cab.