Concept is cool! Just needs some detail! Maybe put some Gloss on the red button in the background, and maybe some sort of subtle "chrome-ish" style on the text.. but VERY subtle.. Good job
The LIVE doesn't look centered, I don't know if it is just a illusion between the edges and the L and E but it just looks off. Other then the spacing I like it, I am a fan of simple logos
Contrary to what others claimed, I think it's actually quite a bit different from Youtube (I see the red box, but everything else is different)
Yeah looks better, I think the drop shadow helps my eye not get confused were to focus. And gets rid of the misaligned look. I do believe in the old logo rule of thumb that a logo should be designed in black and white and have no effects. This would fail that because it depends on the drop shadow for the focus point to be clear. Without the drop shadow I think you would have to have 2 different fonts to separate the text well. Just my opinion and some nit pick feedback.
An eye catching and simple logo is best. The site, well that's another story and it should be simple too. It will be fun for sure.
You should contact Julian Assange and tell him: Hey, bro do you need a better domain name for your whistleblower website?