IMO, the first one has way, WAAAAY too much saturation. That's why the letters look a bit pixelated.
You could either reduce the saturation of the entire image or make a different layer containing the text and leaving it like the second one (smooth text without too much brightness)
Also, by the look of the picture i can see they're not currently in a battleground, they're just "posing" for the picture, so, there's no need for explosion looking bright spots in the background. but again MY OPINION.
so, to sum up. I like the second one