Neither team has been very strong in the tournament up to this point, but it's still early for them. Again we see a pair of logos which prominently feature hockey sticks. It's a hockey team so that is just too obvious for my taste. Regardless of that, in my humble opinion, the Thrashers logo is cooler.
The Thrashers is a bird of flight but the Penguin is a bird of non-flight. The Thrasher could taunt the Penguin if either ever made it into the same climate zone.
Neither logo does a good job of representing their city, but my eye is just more attracted to the Thrashers logo for its use of multiple colors. Don't get me wrong, I like the Vegas gold in the Penguins logo, but they aren't going to beat the Thrashers.