Oh come on, True! You can do better than that. Combine the skill you use in your sigs into this logo!
Things I dislike:
The gradient colors
The lighting effects
THE FONTS
The colors overall
The shape
Since most websites won't want to change their entire color scheme to fit one logo anywhere, work with what they have. Most websites also use a shape for their logo, sometimes having text, sometimes not.
An easy to make logos is make a block or circle of a solid color and take an eraser and erase parts of it at random. You can end up with some pretty unique things. Or, if you're skilled in manipulating shapes, you can try to make something. Most logos are very simple to create, because the harder and more complicated a logo is, the harder it is to place it on things. Therefore, the simple shapes idea often works best because it creates a modern appeal and people are more likely to remember a shape relating to a site than they are a huge complicated logo. It's more pleasant. In addition, make use of colors! The more vivid a logo is, the more people will remember it.
In addition, if you're going to add text, add it NEAR the logo...not necessarily on it. It takes the appeal from both the text and the background, as you've displayed. Don't use default Photoshop filters unless you feel you can benefit from them, but play around with all forms of brushing and effects. If you continue to constrain yourself as to what a logo SHOULD be, you won't end up with that image. If you give yourself free reign and check it every once in a while, you should be able to come up with something fantabulous.
Examples to illustrate my point:
Note how you can make use of text and glamour at the same time! Best of luck