Ok, so I checked with someone who actually works in intellectual property and trademark cases. The visibility of the logo has nothing to do with it. If it is an artistic and stylized image, it doesn't necessarily infringe and the artist could win the argument if the artwork is his own (as it appears to be - I don't believe Omega publishes exploded diagrams like this). As for your example of a '67 Mustang, there are many examples of them - About 5,360,000 results (0.75 seconds) , according to Google - and I doubt they're all getting C&Ds from Ford.
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