To me, it loks like the D could go just a hair to the right, and the A (and thus the L) should move to the left a little

Is that the S that comes with the typeface? It feels really clunky in there.

Yer. It’s ITC Fenice. The ‘S’ is actually that clunky. Should be modified.

And the V a touch wider. U A L need a bit more space maybe?

Luciano, as you probably know, it's a foregone conclusion that you won't find a consensus of opinion about letterspacing -- and it's not just a matter of taste, or variations in the letterspacing sensitivity of various contributors (although both of these are important factors); but there is also the question of whether or not you take into account the interior spacing of the letters as you adjust the spacing between the letters. Some do, some don't.

For what it’s worth, here are my thoughts: I don't agree that the D needs to be moved to the right. If anything, it needs to move to the left a little. But the main problem for me is that the letters ISU seem to me to be significantly tighter that either the letters at the beginning and end of the word.
 
         ~~~~~~~~~~~~~~~~~
         When going from A to Z,
         I often end up At Oz.

I think that, from a type design perspective, the cohesion of the letters is so wunky that a different face should be chosen as a starting point. The weight of the heavy serifs (proper term?) on the S vs L are mismatched, the inner counters/arcs between D U and S are inconsistent, and the blunt apexes on the A and V seems out of place to me. Also the S seems to wide.

Thank you all for the comments, I tried to take into account each suggestion, although it was hard to make a equilibrate choice between them. Here is the result in this phase, I've touched the S a bit and kerned them a little. Looking forward to new impressions.

AtoZ is right. The result is better. For my taste the V is still too narrow, also the U. S is better but still too wide, and i’d trim its serifs in length. And i don’t like the right serif of the L.

Congratulations, much improved. Letterspacing is still not quite perfect, but you'll have to decide how much time you want to invest. If I were going to fiddle a little more, I would tighten up the DIV a little. The S is much better looking.
 
         ~~~~~~~~~~~~~~~~~
         When going from A to Z,
         I often end up At Oz.

the S letter lacks conformity to the other letters with those serifs.