I think you obviously need to kern in the M closer to the o and the o closer to the l. Or conversely kern out the l further from the l and the l further from the y. All the letterforms should visually have the same amount of white space between them. The colored counter will alter that a bit but not by much.

Gerald

Why the 'tm' is so small and on the bottom ?
Before adjusting the white space as Gerald Lange said, I think you could try to reduce a tad the larger diameter of the 'o' keeping the same stroke thickness (I am thinking this because of the use of the orange).

I forgot to say to keep the baseline for the 'o'. Ah, another point, why do you present it for critique in such an abundant space ?

The l and the y are too close together. I'd also enlarge the TM slightly and tuck it in under the y more - where it is now it gets too much attention.

Gerald:

I have done as you suggested. (see pdf)

Allessandro:

I am affraid I don't quite follow you. Are you saying make the "o" glyph smaller!? As far as the "abundant space"... well, its just a letter sized PDF that I printed to. In my experience it has been easier to "preview" things on a larger workspace. Seems less distracting.

Patty:

I have moved the y out a bit from the l. My concern was that there was a lot of counter space there. How does this look!?

Thanks for the feedback all.

Kyle

It feels like the y has too much space now. Am I wrong?

(Version 3 has less space between the l and y.)

If we really only see the top half of words while we scan, then I'd agree that the -y- is too close to the -l-. Tricky kerning challenge. :^)

Tiff:
being that this is a trademark, and will always exist in some type of white space (that is to say without other character or words next to it)... would the same apply!?

I don't know. This is tough. Really. I think I might try making the space a hair larger. But, even still, on the whole I think it is working. My tendency is to, of course, balance the whole, but I tend to see the top more than the bottom first.

Sounds good. Thanks for the input! I have just been staring at this too long. ;)