It seems to me that beauty is in some ways in the eye of the beholder - a matter of personal preference. However in some fields, if you assembled a panel of experts they'd pretty much agree. That doesn't mean, of course, that it is "wrong" to do it differently, unless you specifically want your work to look as if it were done by a professional.
Personally, I agree with both of Deejay's points, though I do not think you can tell whether proportional spacing has been used or not in that instance because the letters are all the same width. However to me it would look better if they were closer spaced, perhaps like in the SB decal, or if not, just a smidgen further apart, not with the wide spacing used on peetee's current (and perfectly executed, as always) work.
peetee, you might want to run a poll on this to see if there is a usual view, or it's 50/50?
