Wow! Thanks for all the feedback, you guys are wonderful!
I think I agree with (most of) you - that the open book was the strongest in so far as the image most clearly reads "local read." I didn't ignore your feedback(!) ... but... I ended up going with the envelope (most of your second choice) for two reasons.
It's a side project of another client, so they were pretty specific about where they want it used. The first reason they asked for a logo at all was to have something to use as a twitter profile picture - the square option solves that problem.
As much as the open book reads "local read" it doesn't communicate what the service actually is - a newsletter. The envelope ties the name to the service.
Thanks again for all your feedback! (full version attached)
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