It's a Silent H, Not a Silent W

HERE
HEN
HY
HO
?

When designers use large initial capital letters, they face an extra burden to make sure the words read coherently. In this case, because the W is so disproportionately larger, and because the words are on a different angle than the W, there is a double whammy of unreadability.

Then add in the fact that the first two words on the list make sense even without the W, and you're left with a haphazard harbinger of typographic hackery.

As seen in Games magazine, August 2009.