I've never been much of a Walmart basher, and as I matter of fact I do a fair amount of shopping with the Behemoth from Bentonville.
However, their move to trademark the "smiley face" is worthy of some bashing. I'd think a company that has been under fire for the hiring of illegal immigrants (at least through service contractors), been beaten up on because of their insurance polices and is now getting hammered on for their treatment of injured employees would have better sense. Especially when you're dealing with a cultural icon that may have been around since 1963. I know I've seen them since long before I ever heard of Walmart.
Hey Walmart, your lawyers are being stupid--you need to see to that.