The logo might be confused about how to feel, but I personally give it a big fat :)!
Went digging through my Delicious bookmarks and found this lovely collection of logos based on visual punning. I think most of these are pretty fantabulous, and I wish I were better at coming up with this sort of thing.
What I find interesting, though, is that when you think of the most prominent logos in our society (McDonald's, Starbucks, BP, and so forth), you're not really going to find this sort of graphic cleverness. They're either pretty straightforward (McDonald's) or a bit puzzling (a medieval siren for a coffee shop? What?). Is that a function of the logo itself (does visual cleverness not have mass appeal or something?), or of business factors (it happens that a company with a straightforward logo ends up with a lot of money behind it), or of something else I'm missing because it's late and I just started drinking tea? What do y'all think about the logos in the link — any ones you particularly like or hate?