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i like the concept, pretty original. However consider paying closer attention to the details. between the e and s at btm it has a little black triangle.. n and s also has the same. AVOID triangles like this.
The & looks weird... I would remove web and graphics al together.
Color, consider some more lighting and shading effects if it is a purely web logo.
Also have u throught about printing.
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Tis a good point on the kerning of the font - it's not entirely consistent - I like the tight kerning but think 1pt spacing like you have between the 'l' and the 'u' is perfect - if the rest of the word was kerned to match this spacing then it would look better I think and should lessen your triangle issue.