If I could give you 10 points I would, just for the effort.
It was originally there, for what it's worth, but we ran into exactly that issue.
My personal (minimalist) favorite position was just outside the grid, to the left of the picture, with JUST the application icon -- of course, that had to be rethought as soon as we had our first iPad app submitted.
I'll keep playing with options, naturally -- can I pester you again later to get your thoughts on what we end up with?