The design looks pretty neat at first blush. However, while the individual letters look OK, when taken as a whole they don't seem to be designed consistently. Compare the B and D, which tilt clockwise, with the I and J, which tilt anticlockwise. There are some letters which don't appear tilted, like C and N. I think it'd be an improvement if this slight tilt was made somehow consistent.
Also, I'd try and punch some holes in the interior shadows of that B if possible.
Yeah, those are definitely good points. That was just my stopping point for the other night. I've since redone the upper case 'I' and 'J', and an IRC friend did a mockup based on this in a similar style, so I might steal and possibly modify his 'M' and 'N'. I didn't really like their current design much at all. The 'C' and 'G' probably wouldn't be too hard to add some tilt to, either. As for holes in the 'B' and 'A', I think I've found a way to do that that is pleasing enough to the eye. I haven't decided yet whether the font letters themselves will be 2 or 3 color, but if I want to do any sort of gradient backdrop stuff while other parts of the game are running (translucent rain, mist in the forest, I'm probably going to have to reserve that third color. (The 0th color being transparent).
Edit: Latest version (ignore the 'H'):