Using text in icons is very tricky. If the icon contains an image or symbol as well as text, each should be placed so that they complement one another. If the image explains all, there is no to use words at all. This icon is very busy, but it is bright and lively. The colors are balanced and not aggressive. There is a lot of text, but it does not distract from the image.
More on icon design – Creating Apps, the Guide for Ordinary People