Adobe Illustrator: Logotype for critique

Here's an opportunity to share your insights on logotype creation.
This logotype was created in Adobe Illustrator using Bickham Script with gylph alternatives.
Does it work?
Is the message clear?
Would it be clear without the tag line?
How do the colors work?
Would you add another color?
Would you change the colors?

Anything other comments or opinions?

And, ultimately, why or why not on all of the above.