Shrinkability, yes, that's the only complaint I have, though I suspect Roberto's comment about light blue may well hold, too (we need a logo that plays to the least common denominator in regard to color space).
But, the in-your-face aspect of using Alex is only matched by the in-your-face aspect of the OpenACS name. Might as well have a logo in keeping with our name.
OK, I'm not one to play subtle so if folks want to stick it to 'em, so to speak, I'm for it. Maybe it will cause Philip/aD to start thinking about the real meaning of Open Source.