I notice that the colored band around the cube has the same opposite-colors as the Western color scheme. I think we should try to avoid color-scheme bias, at least where the two most common schemes are concerned. I also notice that the cube only reads WCA if you read left-to-right. If you come from a country where you read right-to-left, perhaps you will think it is the WAC? It is not entirely clear.
I'd like to propose a new logo idea. (Could someone be nice enough to draw a mock-up of this? I can make an illustration in Paint, but it won't be very pretty.) Instead of the colored band, you have a stylized globe of the same size. Instead of the cube with letters on it, I suggest a 3x3 of the same size, with black (non-reflective) 'plastic' and completely square stickers. I would also suggest a color scheme of U white F green R red, because this combination appears in both Western and Japanese color schemes. Finally, for the letters, either we could place them under, or we could cut out a small piece of the globe to make it resemble a "C", and then place a larger W and A next to it (although this would mean we would have to shrink the globe/cube a bit).