I like the illustration style in this logo. Very clean and well done. I feel it suffers a little in terms of being quickly readable. I think that could be cleaned up by simplifying just a little. Try taking the highlights off of the script, as I think that adds too much busyness. I also think the "Studio" part of the logo could loose the strokes below the circles, again to make things a little less detailed.

It's a tough call though, because as I look at it again it's got a neat style, and I could see it being used as is. Especially since you do say it's an alternate identity, and I assume the primary identity is a little simpler. I think cleaning it up to make it more instantly readable would make it much more powerful as a logo, however you might also loose some of the style in the process and if you're just going for something stylistic and artsy that doesn't necessarily read quickly, it might just be better to leave it.