If the viewer has to stand there, scratching his head while he struggles to figure out what it says
A logo doesn't need to be literally understandable to be effective, provided the message behind it is clear. So it simply needs to be uniquely recognizable.
There are plenty of logos that we recognise without having to "read" it. Take the Nike, or Addidas logos, or the double-c of Coco Chanel.
Same with the Smith and Wesson logo: I don't read the S and the W, I just think "oh yeah, a Smith"
For the latter two, most people register the brand it represents rather than the letters within it.
If I saw the OP's logo on a car bumper, I would recognise it as the one from this thread.
To the OP.
My only critique would be that it does bare a passing similarity to the Converse logo, and that could lead to them (Converse) getting all "possessive".