Just squint at the "man" and you can pretend it's "ma'am" :-).
I like both versions. Even if you wind up using the sketchier wave rings on the one-color style, consider leaving a bit more erasure-glow around labels in the waves. The Isthmus and Omra Mts. lettering get kind of lost in the parallel lines. In a related issue, you might tweak the location of IMATHU so the U downstroke doesn't line up with the longitude line.
For me, having mountains as your only terrain texture works better on the B&W than the colored one. Are you going to add some other textures to indicate forests, etc? My eye wants to read the color map as one big smooth grassy plain, with mountains poking up.