Just a few thoughts on logo design from my experience:
1. keep it simple - old but true - if you are going to play with the individual letters of the logo - just do it with one! don't try and make every second letter unique. you should have one focal point and leave it at that.
2. colors - before deciding on colors think about the logo's use. If it will be printed remember the more colors you have the more expensive it is to print. pick a couple of colors - make sure they complement each other. and don't forget - print colors (CMYK or Pantone) and different than web colors (RGB, HEX). Lastly don't forget the 'meaning' of colors -- make sure they match the 'brand' you are trying to achieve.
3. don't forget the logo's use - make sure it works well for web, print, ____ - take all that into consideration. make sure it work well on a light and a dark background. this is where shaddows and other effects can get you into trouble. make the logo as flexible as possible and in some cases create alternate layouts / versions of the logo for specific applications.
4. vector - my suggestion is to always create the logo in vector format (ex: Illustrator). a vector logo is completely scalable and easier to alter. It's also what you'll need in most cases if you use it in print. you can always take vector logos into raster (Photoshop for example) easily, but not vice versa.
5. did I mention 'keep it simple' ?
and just overall ... think of what the logo represents, what it says, make sure it represents the product / website / etc well - and don't get caught up with Photoshop filters, effects etc... You'll find that most professional designers don't use Photoshop effects at all (and if they need a certain effect they often create it by hand) ... it's the
design that's key not the cool effects.
Hope this helps (... and please feel free to add your own suggestions)