Pros: The spray looks really good in game, and that's an abvious pro. The cut out is badass, really flawless. Great quality the whole spray is crisp and smooth. Nice color choices on the boarder, blends perfectly with the background and the render. The pop up effect that you made give the spray a nice 3D touch and make it look kinda inserted.
Cons: The moon doesn't seem to blend with the sppray at all, it makes the whole spray look wierd, without the moon it looks 3D, but with it, I dont even know how it looks like.
Also the boarder is too fat :P
Improvements: Well, first of all delete the moon, second - make the boarder smaller, and maybe less simple.
Notes: I really wanna see more of these kind of sprays from you, they look great.
Pros: Good quality and perfect cut out. The moon is a nice addition in this spray and I like the color choices on the border.
Cons: None really, but the border size.
Improvements: The border is more rectangular than square, try to make it more squared for a better feel and look.
Notes: Great job dude, keep trying on these bordered sprays.