Have to strongly disagree here, even if we're not looking at the same leaked photos.
First, LQMT is expensive and not particularly attractive (unlike gold or platinum). Its awesomeness is its material properties, strength, toughness, scratch resistance, and nearest-to-net molding. Having something purely ornamental as LQMT makes almost zero sense.
Second, in previous iPads the logo was made out of a plastic that allowed for electronic transmissions though the metal body.