As Máirín already posted we are now in the Round 3 and only two designs meet the criteria of having enough elements created: Infinity and Abstract.
She already posted thumbnails and links, but a blog post without images is boring, so I will post a couple of thumbnails, but to discuss them, follow the talk already started on her blog.
I do not like Abstract, it make very high use of the logo at a time when our general tendency is to de-emphasize it and I am not happy with its brightness either, as for Infinity, it is clean and smooth, but it still lack some bling, we have to figure how.
Something which may, or may be not, related is the Generic Logos feature, which recently got approved but was for quite some time on the radar: it is about generic branding to ease as much as possible the creation of derivative distros. How this will impact the default theme is something we will have to figure in the next few days.