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This is getting better and better.

Have you tried to link the q from "exquisite" with the l from "style"? It's could give a nice ligature and even make Joe Fuckin White really proud =)

i completely agree with Shawali, join the Q to the L and i would also ever so slightly extend the bottom of the L so it looks like it flows into the Y.

I think i prefer 3 to 1 as the lines seem to match with the style of the font a bit better

I dissagree with M@ and shawali, think if u link q and L the smoothness disappears.

I realy like this version as it is ;-)

in my opinion the single version ES is to weak to stand alone, maybe u need a bit style in it ;-)

I do like this, I was going through some ideas of ligatures you could try and it wasn't easy. I did find the original font you've used, and it would be good to add a little spacing back to the letters. Especially between the U and I, the original font shows how the U would connect to the I of the very edge, which is quite nice so its not nice to see it missing.

I did come across one idea you could try. Which is similar to something i've done before - http://dribbble.com/shots/829681-Exodus You could connect the leg of the E to the x to then carry on through and dot the I. I would love to see this and think it would make a great ligature.

You could connect this to the further dot on the i, then the first i's dot would actually connect through to the T (Not like shown below)

Image below I've just quickly put together, I use lines to mark out how things should look then work with these to get the best flow. I create lots of versions as i make little changes and then compare the ideas and delete the bad. It would be good to see you being a more hand's on with the fonts like this. It shows great potential but your just missing a few small touches which would make a massive improvment. Hope this helps.