Lose the bezel. Reconsider the colors; you've got limp, low-value, low-saturation red and green there. The indicator bar letters are cute, but overused; pick one letter and use it there.
+1 for for brighter colors and having the level meter only in the "i". However, I would have the level approaching red a little before the dot, then make the dot entirely red. Additionally, I'd make the dot square; having it round kills the whole bar / level effect.
