I don't know what the market is, but the first option, with its sigmas in place of the e's says "oh, oh, fake-Greek is cool! and we can think of anything else to say…"

I don't think that legibility of readability would be the issue here. It will be read just fine (even though it isn't written in either English or Greek).

Are you looking for something that is all style and no substance? Maybee there is another visual pun that you can use that would be more deep.
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www.typeoff.de

I don't think the forms of the sigmas are as in harmony with the rest of the letters as the E's in the second option.

David
www.kadavy.net

Yah, I agree. The sigmas look quite awkward.. being that there are no other visual elements in the logo, the first thing we are forced to look at are those sigmas!