This logotype is very unique. Even though the word is "one" a line slashing thorough is appealing to the eye. It shows two words saying "one" the darker bold font, and the light font. It shows good use of alignment and contrast.
I feel like if I think about it too long, I want to say it's not easy to read. But then I realize that I knew what it was as soon as I saw it, so obviously its working. Being recognizable is very important.