I like the paint splots, and the varying colors in the text. However, for me, the text is too much alike (same font, same size, etc.) To me, I think there should be a distinct difference between the word "studio" and the word "art", that goes beyond color choice. I think if I saw this logo, that the company behind it was not too creative. The logo isn't memoriable. Take "art" into a different font (or fonts, one for each letter), use a gradient in the text, stretch it, quash it, make it out of paint blotches, put it in 3d, just jazz it up!
As for the word studio, right now it looks too fun to be professional. Get rid of the itallics, tighten it up a bit, underline it, look for font that says YES, WE ARE PROFESSIONALS, something conservative, IMHO.
"In" is not an important word, it just links the two most important words. Don't give it the same status as the main two words. Tone it down a bit.
I get jazzed about logos, so don't mind me. This is just my two cents!
- Ronald
www.ron3d.com