It would be more "majestic" if the A were a little more "whispy" as if the trail of the balloon was really a part of that A. I live the idea, I really get where you're going with the connection between the word away and flying away, awesome.
Keep in mind you'll need to come up with a few logos for this because of how tall this logo is going to be. Start thinking of a way to make this logo square (say, for twitter) and skinny rectangle. Sometimes good ideas get squashed at this part of the design phase because it just isn't universally feasible. But stick with it!
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I like the concept but it needs fine tuning like @DLee suggests. For me, I'd look at the one word 'Blogaway' or even 'blogaway' using the two colours but without capitalising the 'A'. The balloon may also look good on the 'y'.