Eh, I don't know. It doesn't really look enough like text at a quick glance. An average person who looks at it will see some squareish threes before they see a word, even if it's only for a split second, and I have a hard time seeing Nintendo doing something like that. Maybe it just needs more revision, but you'd think they'd have a pretty finalized logo by now. And the story on wii2blog for how that guy found the logo is rather dubious anyway. But it's possible that he just made that part up to co-opt the broader "Beem" speculation that other people had already done.
I do like it better than "Stream", though.
Also,
NINTENDOBEEM.COM
- Registered on May 24, 2011 through the same company that registered NINTENDOWII.COM and NINTENDO3DS.COM. This was registered nearly a year before any of the next-gen speculation began.
Huh?