I was thinking of using the font from concept 2 with the S going underneath instead of over, like a rainbow.
We went through a similar exercise about 2 years ago for my business logo. Took about 20 iterations total to get the end result (including color). I like the 1st design with the 2nd's font - a combination...
Def concept 2, agree that serif fonts (I believe that's Copperplate Gothic in #1) are not the way to go for the type of image you're portraying