Hm.
First, it gives me a headache. My brain doesn't like the contrast of the letters. My eyes aren't great, though. I see the "play" then I have to blink to focus on the rest of the phrase. That's why I don't like slogans like this unless they're in static form.
Second, the "play" on words (heh) is kind of on the lame side. Nothing bad, just something I'd roll my eyes at if a friend said it.
Third, the message. That's the more interesting part. How are people going to instantly interpret this? Because, honestly, most people aren't going to think about it beyond that very first impression. In that regard, it sounds like they're going for an impression that sets Nintendo apart from PlayStation and Xbox while the emphasis on "play" aims at a younger demographic.
The slogan, to me, isn't bad at all but I don't like the graphic.
