In my personal oppinion the white of the text is a little bit too overpowering. I would probably reduce it by 1 (or maybe 2 depending on preference) pixel. At the moment, although the text matches the "11" it doesn't "blend" with the smudge. But then again, that's just me.
I would make the "11" fit inside so it's not cut off, change the Theory 11 text to the classic font used in many userbars because the white stroke on it is a bit too much. Also use a nice black diagonal pattern over top and make it glossy.
Personally, I just like them that way because that's the way most are made to look and it gives it a sleek appearance, here are some examples: