I think it works quite well.
The white coming through the logo seems to represent light through a window. I think similar embossing to the first 2 might not have worked so well with the feel this one is going for. I suppose the logo could also have been debossed, but again, I'm not sure it would really achieve anything.
Looking at the possible designs for seasons 4 and 5, I think we'll see a return to the embossing style of seasons 1 and 2 with future releases. At least some effort is being put in to these steelbook releases. When they started I honestly expected them to all use the same embossing as season 1 with just different text to same money.