And while you're waiting for your Cricut to be delivered (the way things are going, mine will be arriving in about 2015), you can do what I do: make a drawing or tracing of the different components to the logo, roll out fondant or gumpaste in the different colors used, cut around each shape with a tiny wheel (there's one that comes with a wheel on one end and a stitch marker on the other) and assemble the components by stacking them. Of course, the thinner the fondant or gumpaste, the less bulky the logo will be. Another options is to cut the basic shape of the logo out of fondant/gumpaste and paint in the different parts of the internal design with gel colors (which can be thinned with vodka when you need lighter tones). After the whole thing has dried, the outlines may be drawn in with a black edible ink marker, if you want more definition. I hope this makes sense and isn't just a bunch of word salad!
You can't cut out fondant with the cricut cuz it's too soft. Only gumpaste will work after it has been left to dry out a bit.
Not true! I use 8 oz. fondant with 1 tsp. of gumtex, knead and set aside in a baggie with the air mashed out and put in a lidded container. I let mine set aside for several hours and then roll it out to a #5 on my clay machine and lay it on the cricut mat (after brushing the mat with crisco). I store it overnight in a 2 gal ziplock bag with the air mashed out and the next day I take it out and send it through the cricut and it cuts. I have learned that if I cut the pattern with the cricut set to "flip" then it cuts it out and when I remove the cutout and turn it over, no edges to worry about. Cuts look clean and the design is neat. (My time frames might not work for you, but I work a full time day job and so have worked on my technique to suit my time schedule).
Here's a photo of a cutout I did last week, and I cut it without the "flip":
Thats awesome ptanyer. thanks so much. Can I ask you about your fondant? What do you use? And if homemade, how do you get your black so good?
Thanks 
My fondant for this was Satin Ice. I have also used Wilton and Satin Ice mixed. Actually it isn't black, it's a Duke Blue Devil blue - but you can't tell it from the photo I took 
I tried coloring fondant black once and will never, never do it again. I buy my black from Satin Ice. It stays a true black from start to finish. But the blue I colored myself.
HTH's 
Sorry i wasn't clear. I meant that you can't cut straight fondant. If opting to use fondant, you have to add tylose or gumtex to it in order to make it sturdy enough to cut. Plain fondant is too soft. Sorry again.
ptanyer, that cut is really nice. I still have not been able to get the texture just right to cut without tearing. Have to play around a lot more.
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