Okay, apart from the unnecessary phallic-ness, it's not bad
So, the letters in a particular font are there because of Steve's original obsession with typeface, design, and art in general.
The numbers are there to, obviously, represent the binary foundations of his computer-based technology.
Both symbolize language (that of humans and computers), which is a requirement for ANYTHING to happen. Ideas only move from one brain to another through communication -- language. Same with computers.
"Weve always tried to be at the intersection of technology and liberal arts, to be able to get the best of both, to make extremely advanced products from a technology point of view, but also have them be intuitive, easy to use, fun to use, so that they really fit the users..." -Steve Jobs
This quote is one of his last things to give Apple and its customers as far as his vision. And what was the image behind him when he said these things? An intersection of sorts, but even more so, a signpost. Signs -- again, language and communication.
To some degree, this statue even resembles a signpost. Still, I agree that the one and zero could have been done in a less phallic way...