[paulkafasis]

I think having the level meter in JUST the "i" would be far better. As others have noted, readability is very low on this as it is. Adjusting just one letter can work, but not three, especially two in a row.

As far as colors go, none of these are very vivid. Perhaps all white with just the "i" as a green level meter, with a white dot.

[Flemlord]

Best advice so far. To it I'll add (1) lose the outline/dropshadow effect, (2) do it in Photoshop or something that smooths the pixelation, (3) use a white background, (4) use a thinner, sans serif font, maybe something slightly techno.

My favorite font site: http://www.dafont.com/theme.php?cat=303