I like the direction the front is taking, maybe try a faint background of something from the game? I'd also find a higher quality version of '- Online'.
As for the back I would definitely find a higher quality version of the logo to use. Throw in a tagline, a description and some screenshots and you should have a good looking box. As for the background for the back, due to the size of the logo and picture I'd most likely be tempted to use a texture, possibly Dragon scribings, such as the ones in The Elder Scrolls V: Skyrim trailer.
I also don't believe the game is coming to PS3 so you might want to look for another cover, but you may be intentionally producing it for PS3 so that's up to you.