Its too minimalist. The box does not communicate anything to me...not even placeholder.
EDIT: I didn't really want to start a new thread for this, but I thought it was interesting too. Anyone see http://cache.gawkerassets.com/assets/images/9/2011/01/500x_thq_logo_redesign.jpg new logo? Don't they look like a division of Zenimax media now?
It looks like a bunch of furniture to me... Table, chair, lamp?
The default placeholder in Firefox looks like http://img607.imageshack.us/img607/2139/21327345.jpg. They make me rage, I hate them.
I'd almost prefer it if the site had that. Honestly, I find the black box to be quite unattractive for an icon. The only reason I mentioned it, was because it really sticks out with the IP.Board skin. At least with the old styles/default it matched the dark tone. The white sheet of paper doesn't clash with the white/blue of the Ip.Board style like the current icon does.