Ok, I just designed two more 1UP logos, computer rendered font, with the "UP" smaller. One case, it's raised, the other case it's lowered. I would have thought 1UP with the UP raised would be more popular, but
a quick Google Image search shows 1UP with the UP lowered is more popular. So funny as the original (probably due to resolution restrictions) in SMB1 had 1UP all the same size as my previous post shows.
I won't bother changing this poll now, but it's cool that those who have voted explained why they like each one.
The gist of it seems to be, the computer renedered font looks "cooler" and is more "professional" (both pros), and the hand drawn font stands out more because of the differentiation between the "1" and the "UP" (pro), as well as looks "amateur" (con). Seeing that the pros to the hand drawn font can be replicated in the computer rendered font (as I have just done, sorry no screenshots yet), the computer rendered font appears to be the winner here.
Odd that nobody commented on the art style of the font, as the professional vs. amateur idea dominated over that.