I can see it fine.
I like the version with the image.
If I was working on it, I would make the 'Ski Oz' reflection less opaque (probably about 50-60%) and then stretch the gradient further over it so you can see more of the letters in it. Having said that, I don't think the reflection's necessary, and looks a bit out of place with the rest of the nav-bar image.
Or, another idea; Bring it up behind the main lettering. Change the colour to #000000 and have it as a black shadow. The effect will be much more subtle as it's already on a dark background. You will need to alter the perspective and 'skew' it a little for it to work.

If you duplicate the links (changing them slightly) you can slice the image up and use CSS and some javascript to add 'mouse-over' and 'mouse-down' links so they function as buttons. THIS may help a bit, but it answers more questions than you've asked.