Nice idea! I think you need to work on the execution a bit, the colours clearly, but also lots of elements not really lining up, and little inconsistencies in the construction: the two different s constructions, the detached r, the fact that on most letters the instroke is behind the outstroke, but not on the first p, which frankly gives me an escherian headache trying to figure out its twisted 3d construction. (Actually, that's not the only letter than feels internally twisted. Have alook on the other p too. and, as you mention, the i.)

Thanks for your detailed feedback, Birdseeding. Funny because all the things you mentioned, with the exception of instroke/outstroke inconsistencies, were intentional on my part. Mostly in the name of variation, i.e. I didnt want the two p's to look exactly the same, detached r to make it look more handwritten, etc. But perhaps I should reconsider some of these elements if they take away from the design. I definitely don't want to be responsible for any Escherian headaches!

Here's my latest revision, with new colors, resolved the instroke/outstroke issues and fixed general inconsistancies. Thoughts?

Third revision: new colors and refined strokes. Would love to hear anyone's thoughts!

The concept reminds me of Blu:
http://www.myfonts.com/fonts/leo-koppelkamm/blu/

Oh cool- very helpful to see another approach to a ribbon font. So, just to be clear- mine isn't a rip of Blu... it's a rip of this Grace Jones album cover ;-)