Logical Drives - I/O aside, does SQL Server care?
If you are able to segregate drives so they use dedicated communication channels to the drive (D: has it's own channel, E: has a separate channel, etc.), then I believe you may be able to achieve some gains.  If the different drives all go through the same channel to the storage then I don't think it will have an impact.

Whether or not you can segregate the drives depends on your environment (VM/Physical, storage, host, etc.)