All browsers have SVG support now, webpages need only consist of text, vector graphics and photographs.
Vector, e.g. drawn with Canvas, would be better (e.g. with a fallback to a single colour png.)
(just checked, after refreshing my cache a few times, and it looks much better now, nice one.)
Generating the relevant shapes and lines for a simple logo would be easy this way, although probably would require a larger download vs. a vector image, since the canvas method would need to load extra javascript to duplicate the SVG support built in to the browser.
I'm not saying it is necessarily a better idea, just that I've had more success with canvas drawing methods than trying to actually make a vector image.
Another advantage is that you can handle generated images as images, not as code, without converting them to raster bitmaps (which I guess you'd be forced to when when dumping the canvas).