how would the Xara experts trace this logo?

[gpholman]

I came across the attached logo on a website which I thought would be an interesting challenge to covert to a Xara vector.

It is quite small and low quality so I didn't think its a candidate for bitmap tracing (I may be wrong there!), so I tried tracing over it with the Shape Editor Tool, converted the lines to shapes then pulling'n'pushing the points to get the serifs etc. The end result was less than spectacular - not smooth or flowing like the original. Maybe stroke / pressure profiles come into play here?

Anyway, I was just curious how the more experienced members would tackle something like this.