Overall the oval detracts from everything else that's great about the mark…the fly and the added splashes of color
#2 - no real balance here…my eye draws to the splash with no real payoff for the eye movement.
#3- too much going on here…I'd drop the oval.
#4 - that's the one for me, it's dynamic (no oval container) and it puts the focus on what's important--the art in the fly.
That's my opinion. And opinions are like feet…everyone's got em and they usually stink (that's the cleaned up version of that saying
Although I think being a designer for 17 years, director of creative services for Rosetta Stone and art director of my own magazine counts for something…
....I tell my wife that all the time and it still doesn't get me anything! Ha!