It's tacky as fuck imo. And the way it's placed is lame. I am much more traditionalist with album titles; they should usually be centered on the bottom (or at least not shoddily done half-vertical/half-horizontal)...
I was always under the impression that it was a candle in the form of the Virgin Mary at prayer that has been used and has then melted unto itself, causing the majority of the candle to be obscured.