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I like the general feel of this, I think the flexibility of the main 'W' is a nice touch.
The one issue that I would say is lurking is that this brand being executed right all depends on the person setting up what ever piece of collateral that is needed, and that person is not going to be the branding agency. So they have to make sure that they fully explain in the guidelines how to exploit the flexibility while remaining within the brand. Already just in the examples shown by Mono above, I'd say there is a real difference in quality of composition.
But if they can make it a fool proof system I think it'll be an interesting bit of branding.