It does. Could probably make it a little more clear by having the tail of the q a bit more curved, but it's clear enough now I think.
I'm not sure I like the contrast between the fat outline on the Q and the outline-less rest. The shadow looks a bit too pronounced to me.
Overall I like the top one best, though I'd try a few in-betweens, because I like the idea of the bottom one, I just think that one obscures the b too much.
Except that you don't. If Dropbox screws up, and the service deems your files gone, the clients delete their copies too. At that point, you have to hope that somewhere, at Dropbox, the file still exists, or that some client was disconnected from the network, and still has your files.
It protects you against the unavailability of Dropbox. Not against screwups on their side.
"AirPlay (which is kind of cool but inherently flawed in the fact that when I switch it to the TV from say my iPad, I’d like to use the iPad for some other task.)"
By the time this comes to the iPad, it'll be iOS 4.2 which probably means they've designed this as a background task, which would allow you to do other stuff on your iPad.