I gave you an "A" on this for a "first sig" it came out great!
If you had been a "Photoshop" user previously and this was your first sig,
it would have been hard.
Keep up the good work man!
Don't worry so much about the text right now.
Just focus on your cutouts, and background textures and you'll do fine.
In order to get better with text, start doing sigs with "text only".
Not for show, but you can upload them to ImageShack and then view them online to determine what you like and dislike in text effects.
Keep in mind that at 72dpi (screen resolution) only certain fonts will appear crisp at the smaller sizes like 10point and below.
When you get that small, it's time to make sure you put a thick glow around them to make sure the text "pops out" from the backdrop more.
You can select one of the colors from the background to ensure consistent
readability at the smaller sizes.
In sig making, sometimes "hiding parts of the text" is a form of adding
accents to your compilation though.
A bright spot in last year's draft!