Great, it is much better result than when I tried with 32x32. I am having a lot of problems lately with logo's that don't work well when scaled down or as favicons.. so after recently learning this lesson I guess I am a bit preoccupied with how they work on small scale.
The proportions need a tiny bit of tweaking, but it doesn't really look too bad as a favicon. Here's the favicon version: http://cl.ly/Kd16