Very good.
I agree with 'macfearless' about the serif "I"; also, as 'design-is' says the shadows that intrude on to the white rectangle don't belong.
Personally I would reduce the opacity of some of the other drop shadows slightly. The only other thing that slightly grates on me is the droplets - they don't quite sit right to my eyes; can't quite put my finger on why. Maybe they need a little rotation and / or shearing to give some more randomness; maybe have the smallest at the top...
Anyway, that's minor stuff. You've done a really good job.