./agree the text looks strecthed. Plus all you have done is made a black background, added an eliptical marquee tool selection to 3/4 of the piece, made it white, put the opacity to about 50%, then added scanlines to that, then added some text and stretched it.
Simplicity is nice, but this is basically doing nothing and it looks boring at the moment, could do with some nice pen tool shapes, with a brush stroke added onto it.