This billboard is part of the 2012 London summer Olympics promotional campaign. I really like the use of negative space and use of all low case letters. I think this billboard looks very modern, energetic and inviting, therefore, I think they nailed the presentation.

This image is the billboard upon a closer look. All the bubbles, circles or "rings" are names of the participating countries! It's amazing how crisp the letters in the word pride look from afar because here the circles look as if they intrude into the white space enough that the letter outlines would ripple. I think that is just an optical illusion though...