bringing in the meaning literally to the face. I would keep http://dribbble.com/ shots/423934-This-Means- Markdown

Embedding the context doesn't help with the second one.

encoding with the first one solves them. Dustin, how would this keep the context in application and web?

The second one is much nicer than Dustin's

At first glance, the second one might appear to be a better mark. However, if you don't know what it stands for, or that the top part of it is an M, the graphic is just an ordinary arrow. It doesn't accomplish the primary goal of the design.

It definitely looks nice, though.

I didn't even notice that the top formed an M until you mentioned it, so there you go.

Good logos don't beat you over the head with what they mean. The original version is pretty amateur in that respect IMO, it is almost the first thing anybody would come up with.

Having a bit of delight and 'aha!' in a logo is a good thing.