The three colors divide up the title text... why? If you aren't actually trying to draw some certain distinction between the three words, I'd say leave it out, or perhaps just make the 'II' a different color.

And I'd have to see some content to know, but 'Quoth the Raven' sounds like it could be a bit overwrought and cheesy.

I'd suggest going a bit less heavy on the effects, and some anti-aliasing wouldn't hurt it too.

As for the colors: as saberopus mentions, the 'II' is the bit that stands out. If you really want to draw attention to the fact that it's a sequel, I'd suggest putting it between the words 'Gray' and 'Saints', using the blue for the 'II' and leaving the others gray.

I don't really have any feedback to give, but I do look foreward to reading this next installment. (Grey Saints is the WWII Gmod comic, right?)

Really dumb title. Keep all of the colors on the gray saints part the same, too.

Too many colors for a title, especially for something themed WWII that can be represented by b&w or a sepia tint.