Use of white space within a letter, used for the main body of text. Grunge effect on a finished letter works well, with use of bold in finer text making it more prominent. Contrasting irony of the small capital text, to the larger lower case.
I really enjoy the effects of the background. The Calligraphy is outstanding as well, and the nice curves and visual ornaments fit very well with the colored background shapes. Very neatly done, and good lettering style.