I like it. IMO, it's good to have a retro look when speaking of classics. More people will identify with the logo like that.
I would suggest making the highlights on the hearts in white instead of black. It will make them stand out more. Since you have some white on the sides, the intent might not be to highlight for depth, but the black just doesn't seem to go well there.
Just a thought, but if you use that for a logo (in the top corner of the site), the Rate My Classic name would really look good as a title, especially if it was chromed.
It's a great logo, Heidi, much better than anything I could ever hope to create! I think that the grayscale works well when next to the color of the text.
I still might play around with it. I have it saved as a .PSP file in two or three forms. 
