It has a strong appeal but I think it isn't done quite yet.

The fisrt thing I notice is that while the v/r is litteraly centered it doesn't look quite centered. It's an optical illusion - but it will need to be addressed I think. That issue should wait however until you resolve the final form of the v/r.

The form of the VR is good but I think it can be improved. The diagonal stress of the R bowl shape could be less pronounced maybe. Or what if you put the form on it's side. Right now you are tipping the fight for recognition too much in in favor of the v I think. If you put it on it's side ( I looked at it both ways) it becomes more ambigous and I found myself more rapidly cycling between recongnition of the v & r. More like the the old crone/young lady graphic where you see both & can go back & forth quickly. That said, I think that working with the R shape & the current vertical postion you might be able to get more rapid cycling of recognition too. Do you have more versions or tweaks? Also, what about taking the right side of the v and morphing it into the lower case r's arm? Did you try that?

I agree. It is a nice start but looks unfinished. The logomark needs some added interest. And the LogoType looks a bit bland, what about mixed caps or all caps. Although I think the font You are using is too bland altogethar.

Sometimes when you are being adventurous in modification, a bland type is best...