This logotype illustrates freedom literally by having the op half of the M fly off like a bird. The logotype uses the comparison of birds and freedom as a message. This logotype is effective in communicating meaning.
Here is another example of a simple stylization of a logotype. The "A" in Water has a water droplet replacing one of the stems from the letter. A good modern logotype who's symbolism is easily identified.
There is consistent proximity throughout the logotype. The negative space forming the "N" makes sense with the name because looking at the logotype engages the audience when locating the "N". I also think the logotype font works well bold.