Not that my opinion is worth anything in these matters, but I like the upper-left example at http://exogen.cwru.edu/python.png the best (out of the samples I've seen thus far). I don't like the "gear" shape, and I think adding a coil or circle around the "head" detracts somewhat from the look. I like the clean, sharp lines - seems very metaphorical for the language. My only critique would be that it appears (to me) much like a clan insignia from Battletech. Not that such is a bad thing, mind you.
I think people are a little over-anxious regarding copyright infringement. I think a snake around a holy grail would be a fine logo, "the holy grail of programming languages" seems appropriate to me. There's no way that MPFC can have rights over all possible combinations of "Python" and "Holy Grail". Chill out, people. -- http://mail.python.org/mailman/listinfo/python-list