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Im sorry to report that, yes there are holes under the rear "lexus" emblem and also i think the "I" or the "S" and one or 2 of the numbers...but i took em off just to black them out. i was happy with the results =]
yes there is 4 holes.. two on each side.. i took mine off.. gettin them filled for a 100 bucks soon which is cheap! brother works at lexus and knows a guy.. im kinda glad theres holes... now people wont shave their trunks and look like my car cuz they gotta pay money to fill em haha
There are a total of 6 holes on the trunk lid: 2 on the "Lexus" wordpiece, 2 on the Circle-L logo, and one each on the "S" and "0" in "IS 350". Below is a picture of the back side of the my stock emblems.
As for how to "black them out", just go buy some DupliColor automotive paint that comes in spray cans at Wal-Mart, AutoZone, etc... The important part is to sand them a bit before you spray them. The best sandpaper for an application like this would be modeling sandpaper - it comes in small 3x4" sheets, (which you can also find at most Wal-Mart type stores) and it has the fine grit needed for a good-looking and durable finish.