The OP's controls are slightly more obvious visibly, but don't look as much like common physical switches and are more visually cluttered. The color-changing version doesn't resemble anything I've seen in the real world, though I'm sure it's possible to do.
Even the physical object is ambiguous -- do I slide it to the side with the label that represents the state I want, or does the label represent the state?
The OP's controls are slightly more obvious visibly, but don't look as much like common physical switches and are more visually cluttered. The color-changing version doesn't resemble anything I've seen in the real world, though I'm sure it's possible to do.