I think the lens flare ads depth, but it obscures the text just enough to make it obtrusive, especially when not all the characters in the font are legible.
I don't like that "V". It doesn't look like a V. I understand this is an arcade font...but I'd modify it just a little bit, give it the "up" on the right half in some small modification.
Outline the font and modify that V. Look at the characters and identify what pieces of a character are needed to immediately recognize what letter it is. The A and D are borderline, but passable. I personally would modify those, but the V should really be done.
PS, where did you get that image in the background? Or did you make that all your own? It would look cool with multiple colors, not just a blue hue....