Second one looks more realistic IMO. Beams of light cast from high points look circular, not conical.
And I thought the lettering looked off to me... the origional didn't have the red outlining! I'd like this, since I thought the origional model was good on it's own (Better than the stock SFC1/KA Low poly ones at least).
If people are insistant on having the red outlining try making it thinner... it seems off to me. And what font are you using?
And How faithful are you being to the origional model? Your model's conning tower seems larger than it is tall and thin, the thruster points are off, the fantail at the end needs a rounder hump ending than the square one you have now, the hull top's curve roof needs to be thinner, the area around the deflector dish seems all wrong, and the forward part of the hull's 'hump' at the saucer is too round instead of gradual.
I suggest downloading the modviewer, looking at the model, and taking notes where detail should be added.
I appologize if I seem too rough, but I like perfection in these higher-detail models. I comlained this badly if not worse abaout the Yamato remake (Where did that one go anyway?). And most 'interpretations' I find lacking in some places.