As soon as I read at launchpad that there is a logo contest, I just couldn't resist, this is my chance to give something back! Although I'm not very experienced as far as logos come in question, I spent my 3 hours in front of a Ubuntu GNU/Linux operating system and playing around with Inkscape. If you become familiar with the few tool buttons on the side and their shortcuts (e.g. "select" is F1), you'll end up making masterpieces - OK, maybe I exagerate, but you will be surprised how easy it is to create a logo.
To checkout my submission click here. I've attached a PNG image of my SVG source so you don't have to *click* and *click* and *click* all over the place.
The only thing that Inkscape didn't have for you to use instantly was a triangle, a mathematical basic shape. Beyond that point, I am excited to have mastered yet another pointless part of imaging (no offense, but it's definitely not related to my future profession).
To sum up, put up your artistic hats and give it a go! It's fun to play around and create shapes and rockets! I felt like a 10-year-old for a second there :)
Update: Added another proposal!