@SenorValentine: That's the same expression I'd have on my face if I fired a rocket out of a launcher and it just started hovering right next to my face...
I think it's better. As mentioned before by RUCCUS, get rid of the edge embosses.. If you notice in this picture:

(which I suggest you focus on more than a 512x512 picture
Quote: "You should size them according to how the icon will be viewed."
)
All that detail is lost. The only crit I have is that the bottom of the ninja is somewhat lost in the gradient of the background(maybe have a basketball in the background?). But I would say that it's much easier to read.