Nothing in marketing and advertising is done by accident. Every last detail of a logo, slogan and typeface is scrutinized to optimize effective branding. FedEx is no different. If you notice in the negative space between the "E" and the "X," a right facing arrow is visible. I researched the FedEx arrow and found that it was absolutely deliberate. There's a great interview on thesneeze.com with Mr. Lindon, the creator of the logo. He designed the logo in 1994 when he was the Senior Design Director at Landor Associates. Many people ask why he didn't decide to outline the arrow and make it more apparent to represent the speed and precision aspects that are crucial to their brand positioning. He claims "The power of the hidden arrow is simply that it is a "hidden bonus." It is a positive-reverse optical kind of thing: either you see it or you don't. Importantly, not "getting the punch line" by not seeing the arrow, does not reduce the impact of the logo's essential communication. The power of the logo and the FedEx marketing supporting the logo is strong enough to convey clearly FedEx brand positioning."
I think that Lindon's appreciation of subtlety displays the direction in which advertising is going, advertisers and marketers need to understand that consumers are becoming increasingly savvy and run-of-the-mill ad campaigns are not as effective as they used to be. When it's your first time seeing it, it's an "ohhhhh, I never saw that before!" Whenever I see a FedEx logo, I ALWAYS notice the arrow now, which is exactly what Lindon and the big-shots at FedEx are aiming for.
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