Typography without the constraining flat baselines or top edges allows a beautiful variation for both a traditional or a modern feeling.
This technique should be applied to every logo design. It is the whole thrust of modern branding design and the common hallmark of the most long-lived logos on the planet.
Negative shapes allow a visual double entendre. If you were working with only the positive shapes, it could come off too contrived, forced or just unclear.
With every client there may be unique letter combinations together with their corporate activity, ideals or name that can allow a truly great identity.