This is totally new ground for me. I actually built a light box to do this. Attempted to add hazy smoke for added effect, but it wasn't coming out right - I did think of doing it another way, but this was after I had already edited and ate the one of the props (the fries). Im sure the real M company wouldnt use the smoke anyway. Im hoping the Lava Light is enough of a metaphor, and most people understand the title.
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Well to start off I would probably have given this image a 4, sorry but I don´t think this image is really bad but I would classify it as being a little bit below average and kindof agree with the score and place it got.
The biggest reason is the lighting on this shot. You say you built a lightbox for this photograph? I can´t really see that in this photo, you sure you used it correctly? The standard fool proof way of using a lightbox is to fire at least two lights into it, one from each side and pretty much the same power on both lights. Sure, there are a ton of other ways to do it but that´s the easiest way to do it and get acceptable results.
The image is also in my opinion underexposed, if I had taken this shot I would have wanted a much more high key look to it since you placed it in a lightbox, if you have not familiarized yourself with the camera histogram I encourage you to do that, it´s an invaluable tool.
There is also what appears to me to be some strange artefacting in the mcdonalds box in the red areas, just above the "M" on the right side, did you use some tool to clip the red highlights (like levels?). Looks a bit wierd, whatever caused it.
The colors seem a bit off to me too, looks like the WB was a bit off, did you light this with tungsten bulbs? If you are not shooting in raw and can correct WB afterwards, I encourage you to familiarize yourself with the WB settings and use the correct ones when shooting with artificial lighting, tungsten lighting can cause non flattering color cast´s on subjects.
All in all this definately met the challenge and I did get the humor in the shot, think you should have gone all the way though and just filled the shot with french fries and not just one box cause that´s what I think of when I think of Munchies, A LOT of food and just not one box of fries :)
For me, I think a dark or black background might work better. It would relate to the drop shadow on the "M". The lava lamp doesn't do much and seems out of place.