Lost Letterman has a good article up about Pitt and the script lettering. The post has a nice, brief history on the logos and the push by some to bring it back.
Personally, I'm fine with the current block style lettering and if Pederson thinks the university is able to market it well, I'm all for it. As long as this isn't brought back as the main logo on the helmet, we're cool.
The one thing I wouldn't mind seeing, though, is the script brought back once in a while - sort of like what Notre Dame does with the green jerseys. I'm not of the opinion that a jersey can make you play any better, but it could create a level of excitement for specific games with the fanbase.